Finance ACT – 2002

Arrangement of Sections

1. Short title.

PART I

Imposition of Ports and Airports Development Levy

2. Levy on articles imported into Sri Lanka.

3. Levy to be paid to the Director-General of Customs.

4. Purchase of certain articles deemed to be imported for the purposes of this Act.

5. Exemptions.

6. Customs Ordinance to apply to the recovery of levy.

7. Amount recovered as levy to be credited to the Consolidated Fund.

8. Interpretation

9. Retrospective effect.

10. Validation.

PART II

Amendment to the Betting and Gaming Levy Act, No. 40 of 1988

11. Amendment of section 3 of Act, No. 40 of 1988.

12. Amendment of section 4 of the principal enactment.

13. Amendment of the Schedule to the principal enactment.

14. Retrospective effect.

PART III

[REPEALED]

[Ss 15–18.]

PART IV

[REPEALED]

[Ss 19–20.]

PART V

Amendment of the National Security Levy Act, No. 52 of 1991

21. Amendment of section 3 of Act No. 52 of 1991.

22. Retrospective effect.

PART VI

AMENDMENT TO THE GOODS AND SERVICES TAX ACT, No. 34 OF 1996

23. Amendment of section 2 of Act, No. 34 of 1996.

24. Amendment of section 7 of the principal enactment.

25. Amendment of section 22 of the principal enactment.

26. Amendment of the Schedule to the principal enactment.

27. Retrospective effect.

28. Sinhala text to prevail in case of inconsistency.

11 of 2002,

30 of 2002,

6 of 2003,

8 of 2004,

5 of 2005,

11 of 2006,

12 of 2006,

48 of 2006,

13 of 2007,

13 of 2009.

AN ACT to enact the provisions of law necessary to give legal force to certain budget proposals and other matters for the Financial Year commencing on April 1, 2002; and for matters connected therewith or incidental there to.

[Date of Commencement: 8th July, 2002]

1. Short title.

This Act may be cited as the Finance Act.

PART I

Imposition of Ports and Airports Development Levy

2. Levy on articles imported into Sri Lanka.

Subject to the provisions of section 5, there shall be charged and levied on every article originating from outside Sri Lanka and imported into Sri Lanka, a levy to be called the Ports and Airports Development Levy (hereinafter in this Part referred to as the "levy”) at the rate of one per centum on the cost, insurance and freight value of that article:

Provided that, in respect of the cost, insurance and freight value of any article referred to above, there shall be charged and levied—

(a) for the period commencing on November 19, 2004 and ending on December 31, 2005, a levy at the rate of 1.5 per centum;

(b) for the period commencing on January 1, 2006 and ending on December 31, 2006, a levy at the rate of 2.5 per centum;

(c) for the period commencing on January 1, 2007 and ending on December 31, 2008, a levy at the rate of 3.0 per centum; and

(d) for the period commencing on January 1, 2009 a levy at the rate of 5.0 per centum.

[S 2 first proviso subs by s 2 of Act 13 of 2009.]

Provided further, that in the case of an article imported into Sri Lanka for the purpose of processing and re-export, the levy on the cost, insurance and freight value of that atricle—

(a) for the period Commencing on January 1, 2003 and ending on December 31, 2004 shall be charged and levied at the rate of 0.5 per centum; and

(b) for the period commencing on January 1, 2005, shall be charged and levied at the rate of 0.25 per centum.

[S 2 Second proviso subs by s 23 of Act 5 of 2005.]

Provided further that the Minister may from time to time, having regard to the interests of the national economy, by Order published in the Gazette

(a) exempt from the operation of the above levy, any item specified therein; or

(b) specify a concessionary rate to be charged and levied in respect of any item or items specified therein.

[S 2 third proviso subs by s 2(2) of Act 48 of 2006.]

Every Order made in terms of this proviso by the Minister shall—

(i) be in operation immediately upon the Minister affixing his signature thereto;

(ii) be published in the Gazette as soon as convenient;

(iii) be approved by Resolution of Parliament as soon as convenient thereafter; and

(iv) if not approved by Parliament, be deemed to be rescinded with effect from the date of such Resolution.

[S 2 last para ins by s 2(2) of Act 48 of 2006.]

3. Levy to be paid to the Director-General of Customs.

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