2. Section 120 of the Finance Act, No. 11 of 1963, (hereinafter referred to as the " principal Act "), as amended by Act No. 50 of 1968 and by Act No. 35 of 1969, is hereby further amended as follows:-
| (1) in sub-section, (1) of that section-
| | (a) in paragraph (a) of that sub section, by the substitution, in sub-paragraph (ii) of that paragraph, for the words " sixty-five, and " of the word " sixty-five,"; | | |
| | (b) in paragraph (b) of that sub-section-
| | | (i) by the substitution, for the words and figures "for any year of assessment commencing on or after October 1, 1969, if,", of the words and figures " for the year of assessment commencing on October 1 1969, and for the next subsequent year of assessment |
| (ii) by the substitution, for the full-stop at the end of that paragraph, of a comma; |
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| | (c) by the insertion, immediately after paragraph (b), of the following new paragraph:-
| | | " (c) for each quarter in any year, of assessment commencing on or after October 1,1971, if-
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| (2) in sub-section (3) of that section-
| | (a) by the substitution, in paragraph (b) of that sub-section, for the words and figures " to any year of assessment commencing on or after October 1, 1968, includes ", of the words and figures " to the year of assessment commencing on October 1, 1968, and the next two subsequent years of assessment includes "; and | | |
| | (b) by the addition, at the end of that sub-section, of the following new paragraph:- | | |
| | "(c) For the purposes of this Part of this Act " business " in relation to any year of assessment commencing on or after October 1, 1971, includes any trade, profession, vocation" or the business of any person taking commissions or fees in respect of any transactions or services rendered, or the business of an independent contractor but does not include-
| | | (i) any undertaking for the production of unmanufactured or unprocessed agricultural or animal produce; |
| (ii) any undertaking for the purpose of rearing livestock or poultry; |
| (iii) any undertaking for the manufacture of copra, desiccated coconut, coconut fibre, crepe rubber, sheet rubber or tea (other than an undertaking for the blending of tea); |
| (iv) any undertaking for the export of any manufactured or processed article; |
| (v) the business of a banker; |
| (vi) any insurance business; |
| (vii) the business of carrying on an educational establishment or school being an educational establishment or school to which grants from State funds are paid or to which such grants were earlier paid but at present are not paid; |
| (viii) the business of selling to tourists for payment made in foreign currency gems within the meaning of the State Gem Corporation Act, No. 13 of 1971, if such business is carried on by any person under the authority of an Order made under section 16 of that Act; |
| (ix) the business of selling gems within the meaning of the State Gem Corporation Act, No. 13 of 1971, to the Corporation established under that Act; |
| (x) the business of the State Gem Corporation established by the State Gem Corporation Act, No. 13 of 1971; and |
| (xi) any other business the turnover from which may be exempted from the business turnover tax by Order made by the Minister, approved by the House of Representatives and published in the Gazette. '. |
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Sri Lanka Consolidated Acts