18. Section 48 of the principal enactment is hereby amended by the repeal of subsection (1) of that section and the substitution therefor of the following subsection: -
| (1) The taxable wealth of any person other than a non resident company shall -
| | (a) for the year of assessment commencing on April 1. 1979, and for each of the five years of assessment immediately succeeding that year of assessment be such part of the net wealth of that person as exceeds the sum of two hundred thousand rupees; and | | |
| | (b) for any year of assessment commencing on or after April 1, 1985, be such part of the net wealth of that person as exceeds the sum of five hundred thousand rupees,
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Sri Lanka Consolidated Acts