Sri Lanka Consolidated Acts

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Inland Revenue (Amendment) Act (No. 12 of 2004) - Sect 20

Insertion of new sections 38A,38B,38C and 38D in the principal enactment

20. The following new sections are hereby inserted immediately after section 38 of the principal enactment and shall have effect as section 38A, section 38B. section 38c and section 38D of that enactment:"
38A. The profits and income of any foreign currency banking unit arising from any off-shore foreign currency transaction shall, for any year of assessment commencing on or after April 1, 2004. be liable to income tax at the appropriate rate given in the Sixth Schedule to this Act.
38B. The profits and income arising in Sri Lanka to a consignor or consignee, from the export of-
(a) any precious stones or metals not mined in Sri Lanka ;
(b) any petroleum, gas or petroleum products ; or
(c) such other products as may be approved by the Minister for the purposes of this paragraph, having regard to the foreign exchange benefits that are likely to accrue to the country from the export of such products,
38c. The profits and income arising to any person from an undertaking approved by the Minister of the operation and maintenance of facilities for the storage of goods or commodities brought into Sri Lanka for re- export, shall for any year of assessment commencing on or after April 1, 2004 . be liable to income tax at the appropriate rate given in the Sixth Schedule to this Act.
38D. The profits from the sale of any share on of a person, other than a unit trust or a mutual fund , including a right to any share or a bonus share or a warrant for any year of assessment commencing on or after April 1, 2004. where such profits derived by or accruing to such person from such sale has taken place within two years from the date of acquisition, be liable to tax at the appropriate rate given in the Sixth Schedule to this Act.


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