Provincial Council Turnover Taxes (Limits And Exemption)

Link to law: http://www.lawnet.lk/process.php?st=1995Y0V0C25A&hword=%27%27&path=2
Published: 1995

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Provincial Council Turnover Taxes (Limits and Exemption)
Provincial Council Turnover Taxes (Limits and Exemption)




AN ACT TO PRESCRIBE THE LIMITS WITHIN WHICH, AND THE EXEMPTIONS SUBJECT TO WHICH, PROVINCIAL COUNCILS MAY IMPOSE TURNOVER TAXES ON WHOLESALE AND RETAIL SALES






Preamble.
WHEREAS the Constitution confers power on Provincial Councils to make Statutes imposing turnover taxes on. wholesale and retail sales, within such limits, and subject to such exemptions, as may be prescribed by law made by Parliament;



AND WHEREAS it is expedient that Parliament prescribes such limits and exemptions, with a view to enabling the Provincial Councils to exercise this power effectually ;



NOW THEREFORE BE it enacted by the Parliament of the Democratic Socialist Republic of Sri Lanka as follows: -



[17th November

, 1995 ]













Short title.



1.This Act may be cited of the Provincial Council Turn-over Taxes (Limits and Exemptions) Act, No. 25 of 1995.



Limits of, and exemptions from, turnover taxes imposed by Provincial Councils



2.





(1) A turnover tax imposed by a Statute made by a Provincial Council on wholesale and retail sales shall be within the limits set out in subsection (2) of this section and subject to the exemptions set out in subsection(3) of this section read with the Schedule to this Act.



(2) The rate at which such turnover tax shall be levied shall in no case exceed five per centum of the turnover on which it is imposed.



(3) The turnover arising from the wholesale and retail sales set out in the Schedule to this Act shall be exempt from such turnover tax



Sinhala text to prevail in case of inconsistency



3. In the event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.



Interpretation.



4. In this Act, unless the context otherwise requires-



" article" and " manufacturer" have the respective meanings assigned to them by the Turnover Tax Act, No. 60 of 1981 ;



"' Provincial Council" means a Provincial Council established by Chapter XV1IA of the Constitution,
Schedules