181.
| (1) Any person liable to pay any tax under the provisions of this Act or of the Inland Revenue Act, No 38 of 2000 or of the Inland Revenue Act, No. 28 of 1979 or of the Inland Revenue Act, No. 4 of 1963, may apply to the Commissioner-General to transfer any immovable property owned by such person to the Government, in lieu of payment of such tax in cash at such value as is placed on such property by agreement between such person and the Commissioner-General, and the Commissioner-General may allow such application having regard to the feasibility of managing such property after it is transferred to the Government. |
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| (2) Where the Commissioner-General allows an application made under subsection (1) and the amount agreed to in accordance with the provisions of that subsection as the value of the property in respect of which the application is made, exceeds the amount of the tax payable by the applicant, the excess shall be deemed to be a donation within the meaning of paragraph (b) of subsection (2) of section 34, made to the Government of Sri Lanka by the applicant. |
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Sri Lanka Consolidated Acts