TAX AMNESTY (HOUSING AND COMMERCIAL
BUILDINGS) ACT

Arrangement of Sections

1. Short title.

2. Persons to whom this act applies.

3. Purposes for which relevant profits and income may be used.

4. Urban Development Authority to issue certificate in respect of construction renovation or purchase.

5. Indemnification.

6. Provisions of this act not to be constructed as authorising the revision of any assessment previously made.

7. Qualified persons not to be entitled to certain deductions.

8. Official Secrecy.

9. Sinhala text to prevail in case of inconsistency.

10. Interpretation.

30 of 1992.

AN ACT to provide for Tax concessions to persons who use the whole of part of their relevant profits and income in the construction of houses or commercial buildings, or in the renovation of commercial buildings, or, in the purchase of houses with a view to securing in the future, full compliance by such persons with tax laws and to increasing the housing stock of Sri Lanka, to indemnify persons who use such profits and income for the purposes of such construction, renovation or purchase, against prosecutions for offences in relation to such profits and income and to provide for matters connected therewith or incidental thereto.

[Date of Commencement: 27th May, 1992]

1. Short title.

This Act may be cited as the Tax Amnesty (Housing and Commercial Buildings) Act.

2. Persons to whom this act applies.

(1) This Act shall, subject to the provisions of sub-section (2), apply to any person who has any moneys representing the whole or any part of his relevant profits and income.

(2) This Act shall not apply to any person in relation to whom any investigation was pending on October 1, 1991, for any alleged or suspected evasion of any tax payable under the Inland Revenue Act or the Turnover Tax Act, in respect of any profits and income, or turnover, as the case may be, which arose, or accrued to, or was derived by such person, on or before March 31, 1991.

(3) Every person referred to in subsection (1), not being a person to whom the provisions of subsection (2) apply, shall, hereafter in this Act, be referred to as "a person to whom this Act applies”.

3. Purposes for which relevant profits and income may be used.

(1) Any person to whom this act applies may after September 30, 1991, use the whole or any part of his relevant profits and income for any one or more of the following purposes—

(a) the construction of one or more houses, the internal floor area of each of which (excluding the thickness of the outer walls), does not exceed one hundred and twenty-five
square Aires on land, not exceeding one-fortieth Part of a hectare in extent and owned by such person;

(b) the construction of one or more buildings each consisting of two or more housing units, the internal fleer area of each of which (excluding the thickness of the outer Walls) does not exceed one hundred and twenty-five square meters, on land not exceeding such extent as is approved for the purposes of such construction, by the Urban Development Authority and owned by such person;

(c) the purchase, for occupation as a residence for himself, of any such house as is referred to in paragraph (u), constructed by a qualified person;

(d) the purchase, for occupation as a residence for himself, of any such housing unit as is referred to in paragraph (b) and comprised in a building constructed by a qualified person;

(e) the construction, at a cost not exceeding five million rupees, of one or more buildings each such building being a building which is assessed as a commercial premises for the purposes of levying rates, on land not exceeding such extent as is approved for the purposes of such construction, by the Urban Development Authority and owned by such person;

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


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