SPECIFIED CERTIFICATE OF DEPOSITS
(TAX AND OTHER CONCESSIONS) ACT

Arrangement of Sections

1. Short title.

2. Persons to whom this Act applies.

3. Persons to whom this Act applies may deposit money in special accounts in.

4. Charge of a tax equal to ten per centum of Act applies of the face value specified certificate of deposit to which this Act applies sold to the Bank.

5. Restriction of withdrawal of moneys deposited in special accounts.

6. Interest on moneys deposited in special accounts.

7. Exemption from income tax of interest of moneys deposited in special accounts.

8. Indemnification of a person deemed to have paid the tax referred to in section 4 from certain taxes and prosecutions.

9. Preceding provisions of this Act, not to be construed as authorising the revision of any assessment previously made.

10. Maintenance of secrecy.

11. Interpretation.

12. Sinhala text to prevail in case of inconsistency.

SCHEDULE

45 of 1990.

AN ACT to provide for tax concessions to any person who has in his possession any Specified Certificate of Deposit; to enable the deposit in special accounts in the national savings bank of moneys representing his relevant profits or income, out of which such certificates were purchased, to impose and levy a tax on the moneys deposited in "such special accounts; to indemnify persons who deposit moneys in such special accounts against prosecutions for offences in relation to such profits or income”, and for matters connected therewith or incidental thereto.

[Date of Commencement: 6th December, 1990]

1. Short title.

This Act may be cited as the Specified Certificates of Deposits (Tax and other Concessions) Act.

2. Persons to whom this Act applies.

(1) This Act shall apply to any person who has in his possession, any specified certificate of deposit and—

(a) is detected by the Commissioner-General or any other officer of the department of Inland Revenue as having purchased such certificate of deposit from and out of moneys representing the whole or any part of his relevant profit or income; or

(b) has, before any investigation in relation to him has commenced by the Commissioner-General or any other officer of the department of Inland Revenue for any alleged or suspected evasion of any tax payable under the provisions of the Jaw for the time being applicable to the imposition of income tax or surcharge on income tax, or any business turnover tax payable under the Finance Act, No. 11 of 1963, or any turnover payable under the Turnover Tax Act, No 69 of 1981 in respect of profits or income or turnover which arose or accrued to him on or before March 31 1989, voluntarily disclosed to the Commissioner-General or any officer of the department of Inland .Revenue that he has purchased such certificates of deposit from and out of moneys representing the whole or any part of his relevant profits and income.

(2) Every person referred to in subsection (1) shall, hereinafter in this Act, be referred to as a "person to whom to this Act applies”, and every specified certificate of deposit referred to in that subsection, shall, hereinafter in this Act, be referred to as a "specified certificate of deposit to which this Act applies”.

3. Persons to whom this Act applies may deposit money in special accounts in.

(1) Any person to whom this Act applies may sell the Bank, to the bank any specified certificate of deposit to which this Act applies and deposit the full proceeds of such sale to his credit in any such special account as may be opened by him for that purpose in the Bank.

(2) It shall be the duty of the Bank to purchase, any specified certificate of deposit to which this Act applies, offered for sale to the Bank by any person to whom this Act applies at such price as may be determined by the Bank, if the Commissioner-General certifies to the Bank, that such certificate of deposit is a certificate of deposit to which this Act applies.

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