Sri Lanka Consolidated Acts

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Inland Revenue (Amendment) Act (No. 24 of 1980) - Sect 3

Amendment of section 8 of the principal enactment

3. Section 8 of the principal enactment is hereby amended as follows : -
(1) in paragraph (a) of that section-
(a) by the substitution, in sub-paragraph (xviii) of that paragraph for the words " Sri Lanka Broadcasting Corporation Act, No. 37 of 1968, ", of the words " Sri Lanka Broadcasting Corporation Act, No. 37 of 1966 for the year of assessment commencing on April 1, 1979 ; " ;
(b) by the substitution, in sub-paragraph (xxv) of that paragraph for the words " any national lottery ;", of the words " any national lottery for the year of assessment commencing on April 1, 1979 ; " ;
(c) by the substitution, in sub-paragraph (xxvi) of that paragraph for the words " the first- mentioned society. ", of the words " the first- mentioned society ; " ; and
(d) by the insertion, immediately after sub- paragraph (xxvi) of that paragraph, of the following sub-paragraphs : -
" (xxvii) the Sri Lanka Foundation established by the Sri Lanka Foundation Law, No. 31 of 1973 ;
(xxviii) the Tower Hall Theatre Foundation established by the Tower Hall Theatre Foundation Act, No. 1 of 1978 ;
(xxix) the Sri Lanka Inventors Commission established by the Sri Lanka Inventors Incentives Act, No. 53 of 1979 ;
(xxx) the Ceylon Medical Council established by the Medical Ordinance ;
(xxxi) the Ayurvedic Medical Council established by the Ayurveda Act, No. 31 of 1961; and
(xxxii) the Homoeopathic Council established by the Homoeopathy Act, No. 7 of 1970;";
(2) in paragraph (c) of that section -
(a) by the substitution, in sub-paragraph (iii) of that paragraph for the words " of that Corporation;", of the words " of that Corporation for the year of assessment commencing on April 1, 1979 ; " ; and
(b) by the insertion, immediately after sub- paragraph (iii) of that paragraph, of the following sub-paragraph : "
(iv) a foreign currency banking unit arising from all off-shore transactions of the unit and from such on-shore foreign currency transactions of the unit as may be approved by the Minister, having regard to the foreign exchange benefits that are likely to accrue to the country from such transactions ; " ; and
(3) by the substitution, in sub-paragraph (i) of paragraph (d) of that section, for the words " the work in connection", of the words " either the business is carried on in the course of the actual carrying out of a primary purpose of that institution or the work in connection ".


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