Finance ACT – 2006

Arrangement of Sections

1. Short title.

PART I

Motor Vehicle Concessionary Levy

2. Granting of concessionary levies to certain categories of persons.

3. Director-General of Customs to collect levy.

4. Directions to be issued.

5. Indemnity.

PART II

Imposition of a Levy on Tele-Dramas, Films and Television Commercials

6. Levy on tele-dramas, films and commercials imported into Sri Lanka to be telecast.

7. How levy in default is to be paid.

8. Regulations.

9. Interpretation for this Part.

PART III

Amendment of Finance Act, No. 5 of 2005

10. Amendment of section 2 of Part I of the Finance Act, No. 5 of 2005.

11. Retrospective effect.

12. Indemnity.

PART IV

Amendment of Finance Act, No. 25 of 2003

13. Amendment of section 11 of the Finance Act, No. 25 of 2003.

PART V

Amendment of Finance Act, No. 11 of 2002

14. Amendment of section 2 of Part 1 of the Finance Act, No. 11 of 2002.

15. Retrospective effect.

16. Indemnity.

17. Sinhala text to prevail in case of inconsistency.

11 of 2006,

48 of 2006,

13 of 2007,

15 of 2011.

AN ACT to provide for the imposition of a motor vehicle concessionary levy and a tele-drama, film and commercial levy; to provide for the amendment of certain levies and charges imposed by the Finance Act, No. 11 of 2002, the Finance Act, No. 25 of 2003 and the Finance Act, No. 11 of 2004; and to provide for matters connected therewith or incidental thereto.

[Date of Commencement: 31st March, 2006]

1. Short title.

This Act may be cited as the Finance Act.

PART I

Motor Vehicle Concessionary Levy

2. Granting of concessionary levies to certain categories of persons.

(1) From and after the coming into operation of this Act, there shall be charged and levied a levy to be called and known as the Motor Vehicle Concessionary Levy (hereinafter referred to as "the levy”)—

(a) from every primary holder of a Sri Lanka Nation Building Bond (SLNBB) who imports a motor vehicle who shall be required to pay at the time of such importation a levy at such rate as may be determined by the Minister by Order on the cost, insurance and freight value of such vehicle, in lieu of any tax which he is liable to pay in terms of the Customs Ordinance, the Excise (Special Provisions) Act, No. 13 of 1989 and the Value Added Tax Act, No. 14 of 2002, on a recommendation being made to that effect by the Superintendent of Public Debt of the Central Bank of Sri Lanka, subject however to the following conditions—

(i) the aggregate investment in Sri Lanka Nation Building Bonds (SLNBB) shall be of such amount, in United States Dollars or its equivalent in any other foreign currency, as may be determined by the Minister in the aforesaid Order, as is acceptable for the purchase of the aforesaid Bonds;

(ii) the cost, insurance and freight value of the motor vehicle should not exceed such percentage as may be determined by the Minister in the aforesaid Order, of the value of the Sri Lanka Nation Building Bonds (SLNBB);

(b)—

(i) for the period commencing on March 31, 2006 and ending on the date of commencement of this Act, from every individual who, commencing from the year of assessment commencing on April 1, 2000 has continued to pay in respect of each year of assessment within the period of five years immediately succeeding that year of assessment, income tax in terms of the Inland Revenue Act, No. 10 of 2006 of an amount not less than rupees two hundred and fifty thousand (250,000/-), and certified as such by the Commissioner-General of Inland Revenue, imports a motor vehicle, shall be required to pay at the time of such importation a levy in lieu of any tax or fiscal levy which such individual is liable to pay in terms of the Customs Ordinance, the Excise (Special Provisions) Act, No. 13 of 1989 and the Value Added Tax Act, No. 14 of 2002, calculated at such rate as may be determined by the Minister, on the aggregate of such taxes and levies, where such individual has commenced the importation process by the opening of a Letter of Credit.

[S 2(1)(b) re-lettered as s 2(1)(b)(i) by s 2(1) of Act 13
of 2007; am by s 2(2) of Act 13 of 2007.]

(ii) from and after the commencement of this Act—

(a) from every individual who has not in terms of paragraph (i) above, availed himself of the concession referred to therein, or every individual who has paid in respect of any period of five consecutive years of assessment commencing on April 1, 2001 and ending on March 31, 2011; or

This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article.


Recent Updates

PROVINCIAL COUNCILS ELECTIONS (AMENDMENT) ACT, No. 17 OF 2017


FISHERIES AND AQUATIC RESOURCES(AMENDMENT) ACT, No. 11 OF 2017


NATION BUILDING TAX (AMENDMENT)ACT, No. 13 OF 2017


SUGATHADASA NATIONAL SPORTS COMPLEX AUTHORITY (AMENDMENT) ACT, No. 14 OF 2017


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


PROVINCIAL COUNCILS ELECTIONS (AMENDMENT) ACT, No. 17 OF 2017


FISHERIES AND AQUATIC RESOURCES(AMENDMENT) ACT, No. 11 OF 2017


NATION BUILDING TAX (AMENDMENT)ACT, No. 13 OF 2017


SUGATHADASA NATIONAL SPORTS COMPLEX AUTHORITY (AMENDMENT) ACT, No. 14 OF 2017


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


PROVINCIAL COUNCILS ELECTIONS (AMENDMENT) ACT, No. 17 OF 2017


FISHERIES AND AQUATIC RESOURCES(AMENDMENT) ACT, No. 11 OF 2017


NATION BUILDING TAX (AMENDMENT)ACT, No. 13 OF 2017


SUGATHADASA NATIONAL SPORTS COMPLEX AUTHORITY (AMENDMENT) ACT, No. 14 OF 2017


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


PROVINCIAL COUNCILS ELECTIONS (AMENDMENT) ACT, No. 17 OF 2017


FISHERIES AND AQUATIC RESOURCES(AMENDMENT) ACT, No. 11 OF 2017


NATION BUILDING TAX (AMENDMENT)ACT, No. 13 OF 2017


SUGATHADASA NATIONAL SPORTS COMPLEX AUTHORITY (AMENDMENT) ACT, No. 14 OF 2017


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


PROVINCIAL COUNCILS ELECTIONS (AMENDMENT) ACT, No. 17 OF 2017


FISHERIES AND AQUATIC RESOURCES(AMENDMENT) ACT, No. 11 OF 2017


NATION BUILDING TAX (AMENDMENT)ACT, No. 13 OF 2017


SUGATHADASA NATIONAL SPORTS COMPLEX AUTHORITY (AMENDMENT) ACT, No. 14 OF 2017


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


PROVINCIAL COUNCILS ELECTIONS (AMENDMENT) ACT, No. 17 OF 2017


FISHERIES AND AQUATIC RESOURCES(AMENDMENT) ACT, No. 11 OF 2017


NATION BUILDING TAX (AMENDMENT)ACT, No. 13 OF 2017


SUGATHADASA NATIONAL SPORTS COMPLEX AUTHORITY (AMENDMENT) ACT, No. 14 OF 2017


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


PROVINCIAL COUNCILS ELECTIONS (AMENDMENT) ACT, No. 17 OF 2017


FISHERIES AND AQUATIC RESOURCES(AMENDMENT) ACT, No. 11 OF 2017


NATION BUILDING TAX (AMENDMENT)ACT, No. 13 OF 2017


SUGATHADASA NATIONAL SPORTS COMPLEX AUTHORITY (AMENDMENT) ACT, No. 14 OF 2017


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


PROVINCIAL COUNCILS ELECTIONS (AMENDMENT) ACT, No. 17 OF 2017


FISHERIES AND AQUATIC RESOURCES(AMENDMENT) ACT, No. 11 OF 2017


NATION BUILDING TAX (AMENDMENT)ACT, No. 13 OF 2017


SUGATHADASA NATIONAL SPORTS COMPLEX AUTHORITY (AMENDMENT) ACT, No. 14 OF 2017


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015