Inland Revenue (Special Provisions) ACT

Arrangement of Sections

1. Short title.

2. Declaration to be made to the Commissioner General before June 30, 2003.

3. Immunity granted to persons making the declaration.

4. Investigations, prosecutions to be withdrawn.

5. Liability to tax for year of assessment 2002/2003.

6. Secrecy.

7. Avoidance of doubts.

8. Regulations.

9. Consequence of failure to come within provisions of this Act

10. Transitional provisions.

11. Repeal of Act, No. 7 of 2002 and savings.

12. Sinhala text to prevail in case of inconsistency.

13. Interpretation.

SCHEDULE

10 of 2003,

31 of 2003.

AN ACT to enable persons who have not furnished a return of income and assets prior to march 31, 2002 to make a declaration in respect thereof: to make provision for the grant of certain concessions to declarents and non-declarents: to indemnify such persons against liability to pay certain taxes and against liability from investigations, prosecutions and penalties under specified statutes, with a view to securing the future compliance of such persons with the prevalent tax laws: to provide for the repeal of the inland revenue (special provisions) act, No. 7 of 2002; and to provide for matters connected therewith or incidental thereto.

[Date of Commencement: 17th March, 2003]

1. Short title.

This Act may be cited as the Inland Revenue (Special Provisions) Act.

2. Declaration to be made to the Commissioner General before June 30, 2003.

(1) Any person whether in Sri Lanka or abroad, who, though required under any law for the time being in force, which is specified in the Schedule hereto, relating to the imposition of tax, had not in relation to any period prior to March 31, 2002, declared to the Commissioner-General or to the relevant authority, as the case may be, all or any portion of his liability to such tax, or of the sources of his income and assets, may make a declaration of the sources of his income or assets as at April 1,2002, o the Commissioner- General on or before August 31, 2003:

[S 2(1) am by s 2(1) of Act 31 of 2003.]

Provided however that any person who had made the required declarations to the Commissioner-General or to the relevant authority in respect of all relevant periods prior to March 31, 2002, may make a declaration on or before August 31, 2003. which shall be considered to be a declaration made under subsection (1) of section 2 in order to ascertain the correctness of his position and the Commissioner-General or the other relevant authority shall extend the immunity referred to in section 3, to such person.

[S 2(1) proviso am by s 2(2) of Act 31 of 2003.]

(2) For the purposes of this section "sources of income” shall include any income received by way of cash or in any other form and "assets” shall include, immovable properly, movable property, bank balances, treasury bills, fixed deposits, lime deposits or any other form of deposit and money given by way of security or loans and cash in hand.

(3) Cash in hand as at April 1, 2002, which has subsequently not been spent, should be invested or deposited into a bank, prior to the making of the declaration in terms of this section.

(4) The Commissioner-General or an officer not below the rank of Commissioner, specially authorised by him in writing in that behalf, shall within thirty days of the receipt thereof, acknowledge in writing any declaration received in terms of subsection (1).

3. Immunity granted to persons making the declaration.

(1) Any person making a declaration in terms of section 2, shall enjoy full immunity from liability to pay tax under any law specified in the Schedule hereto, or from any investigation or prosecution for any offence under any law specified in the Schedule hereto, in relation to any period ending on or before March 31, 2002 in so far as such declaration relates to

(a) non-payment of taxes;

(b) the sources of income or assets declared;

(c) the profits or income earned from which such assets were funded;

(d) the manner in which such assets were funded;

(e) any matter related to or incidental to any of the above.

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