Sri Lanka Consolidated Acts

Finance Act (No. 65 of 1961)

TABLE OF PROVISIONS

           Long Title

   1.	   Short title  
   2.	   Vesting of ordinary shares of the Bank in the Government  
   3.	   Compensation to be payable in respect of the ordinary shares of the Bank vested in the Government  
   4.	   Compensation in respect of shares vested in the Government to be charged on the Consolidated Fund  
   5.	   Limitation of the power of the Bank to carry on certain kinds of business  
   6.	   Certain acts not to be done without the prior authority of the Secretary to the Treasury  
   7.	   Former Directors of the Bank deemed to have administered the affairs of the Bank for and on behalf of the Government. Cap. 397  
   8.	   Special provisions in respect of certain matters relating to the Bank  
   9.	   Government Director deemed to have had the right to vote at meetings of the Directors. Cap. 397  
   10.	   Power to make regulations to give effect to certain matters arising out of this Part of this Act  
   11.	   Provisions of this Part of this Act to prevail over the Bank of Ceylon Ordinance  
   12.	   Interpretation  
   13.	   Every person chargeable with income tax for the year of assessment commencing on April 1, 1961, liable to pay a surcharge equivalent to fifteen per centum of the income tax payable by him for that year  
   14.	   Amendment of section 23f of the Income Tax Ordinance  
   15.	   Non-applicability of sections 3 and 4 of the Land Tax Act for any year of assessment commencing on or after April 1, 1961  
   16.	   Land tax for the year of assessment commencing on April 1, 1961, and the succeeding year of assessment [ 2, 3 of 1963.]  
   17.	   Application of sections 7 and 8 of the Personal Tax Act in respect of any year of assessment commencing on or after April 1, 1961  
   18.	   Imposition and levy of surtax and payment of balance surplus income to Commissioner. [ 2, 9 of 1962.] [ 3, 3 of 1963.]  
   19.	   Issue of National Development Bonds to persons who have paid moneys under section 18(2)  
   20.	   Regulations  
   21.	   Interpretation  
   22.	   Opening of accounts in banks on or after the relevant date  
   23.	   Managers of banks required to furnish information for the purposes of this Part  
   24.	   Imposition of Sales tax  
   25.	   Presumptions  
   26.	   Responsibility of registrant to pay Sales tax  
   27.	   Regulations  
   28.	   Determination of value of any article subject to the Sales tax  
   29.	   Interpretation  
   30.	   Power of Commissioner to levy and recover from individuals liable to income tax of the Government rice subsidy.[  5, 9 of 1962.] [ 5, 3 of 1963.] Cap. 171  
   31.	   Regulations  
   32.	   Non-application of this Part to the emoluments of certain persons. [  7, 9 of 1963.]  
   33.	   Levy of the National Development Tax. [ 6, 3 of 1963.]  
   34.	   Limits for the levy of the National Development Tax  
   35.	   Deduction of National Development Tax.  [ 9, 9 of 1962.] [ 7, 3 of 1963.]  
   36.	   Payment of National Development Tax to Commissioner. [ 10, 9 of 1962.]  
   36A.	   Payment of National Development Tax by employees in certain circumstances[ 11, 9 of 1962.]  
   37.	   Recovery of the National Development Tax. [ 12, 9 of 1962.] Cap. 242  
   38.	   Amount of the National Development Tax paid by an employee shall be allowed as a deduction for the purposes of the levy of income tax. [ 8, 3 of 1963.]  
   39.	   Interpretation. [ 13, 9 of 1962.]  
   40.	   Duty of person practising a profession to register himself in the register. [ 10, 3 of 1963.]  
   41.	   Conditions for registration  
   42.	   Duration of registration. [ 11, 3 of 1963.]  
   43.	   Persons getting an income of over three thousand six hundred rupees to pay National Development Tax on such income. [ 17, 9 of 1962.] [ 12, 3 of 1963.]  
   44.	   Duty of competent authority to specify in certificate issued to any person that such person has paid the National Development Tax  
   45.	   Consequence of default in payment by any person practising a profession of the National Development Tax or any instalment thereof. [ 18, 9 of 1962.[ 13, 9 of 1963  
   46.	   Appropriate fee  
   47.	   Duty of proprietor of a business to register such business, and himself as proprietor thereof, in the register.[ 14, 3 of 1963  
   48.	   Conditions for registration of businesses  
   49.	   Duration of registration of business.[ 15, 3 of 1963.]  
   50.	   Persons getting an income of over three thousand six hundred rupees from any-business to pay National Development Tax on such income. [ 22, 9 of 1962.] [ 16, 3 of 1962.] Cap. 242  
   51.	   Duty of competent authority to specify in the certificate that the proprietor has paid or undertaken to pay the National Development Tax  
   52.	   Consequence of default in payment by any person carrying on a business of the National Development Tax or any instalment thereof. [ 23, 9 of 1962]  
   53.	   Appropriate fee for registration of a business  
   54.	   Issue of receipts by competent authority.[ 24, 9 of 1962.]  
   55.	   Amount of the National Development Tax paid by any person under this Part shall be allowed as a deduction for the purposes of the Income Tax Ordinance.  [ 25, 9 of 1962.] Cap. 242  
   55A.	   Liability of person who practises a profession or carries on a business to pay registration fee and National Development Tax even if he has not caused himself or his business to be registered. [ 17, 3 of 1963.]  
   56.	   Power to make regulations  
   57.	   Appointment of competent authorities  
   58.	   Power to require information  
   59.	   Payment of National Development Tax in special cases. [ 27, 9 of 1962.]  
   59A.	   Establishment of the National Development Fund}. [ 28, 9 of 1962.]  
   60.	   Regulations  
   61.	   Offences  
   61A.	   Offences by body of persons. [ 31. 9 of 1962.]  
   62.	   Protection for action taken under this Act  
   63.	   Interpretation