Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsSpecial provisions applicable to persons to whom this Act applies and who prior to October 25, 1970, have ceased to possess foreign assets
| 7. Where a person on or before March 31, 1971, satisfies the competent authority that prior to October 25, 1970, he ceased to hold the whole or any part of the foreign assets acquired or possessed by him in consequence of any contravention of the provisions of the law for the time being in force relating to exchange control, such person shall not be liable to any prosecution for an offence, or to any penalties, for the contravention of such provisions, if, but only if, such person pays to the Commissioner of Inland Revenue as income tax on the foreign assets he has so ceased to hold an amount equal to thirty-three and one-third per centum of the value of such foreign assets. |