Tax And Foreign Exchange Amnesty ACT

Arrangement of Sections

1. Short title.

2. Persons to whom this Act applies.

3. Persons to whom this Act applies may invest such money in certain specified undertaking or deposit such money in a bank.

4. Indemnification from certain taxes.

5. Declaration to be made to the Commissioner-General.

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

7. Persons to whom this Act applies not to be entitled to certain deductions.

8. Maintenance of secrecy.

9. Sinhala text to prevail in case of inconsistency.

10. Interpretation.

SCHEDULE

47 of 1998.

AN ACT to enable the investment in certain companies approved by the Board of Investment of Sri Lanka, or the deposit in any Bank, of money representing accumulated profits and income, retained in or outside Sri Lanka, and in respect or which a person has not furnished a return of income or which have not been disclosed in a return furnished by such person, under the Law relating to the imposition of income tax, or of relevant foreign currency held by any person outside Sri Lanka; to reduce the liability of persons to pay tax on such deposits; to indemnify persons against liability to pay certain taxes and against prosecutions or penalties for offences in relation to such tax Laws or exchange control Law, with a view to securing full compliance, in the future, by such persons, with tax Laws, and the Law relating to exchange control; and for matters connected therewith or incidental thereto

[Date of Commencement: 14th September, 1998]

1. Short title.

This Act may be cited as the Tax and Foreign Exchange Amnesty Act.

2. Persons to whom this Act applies.

(1) This Act shall, subject to the provisions of subsection (2), apply to any person who—

(a) under Law for the time being applicable to the imposition of income tax or surcharge on income tax, was liable to pay income tax, for any year of assessment ending on or before March 31, 1996, in respect of any profits or income which arose, or accrued, on or before March 31, 1996, and who has not furnished a return of income under the provisions of such Law for any such year of assessment or who has not disclosed such profits or income in any return furnished by him under the provisions of such Law for any such year of assessment; or

(b) holds any relevant foreign currency outside Sri Lanka.

(2) This Act shall not apply to any person in relation to whom any investigation was pending on November 6, 1997, for—

(a) any alleged or suspected evasion of any tax payable under, the Law for the time being applicable to the imposition of income tax or the Finance Act, No. 11 of 1963 or the Turnover Tax Act, No, 69 of 1981, or the National Security Levy Act, No. 52 of 1991, 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, 1996; or

(b) any alleged or suspected violation, of any provision of the Exchange Control Act or the Prevention of Terrorism (Temporary Provisions) Act, No. 48 of 1979.

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

3. Persons to whom this Act applies may invest such money in certain specified undertaking or deposit such money in a Bank.

(1) Any person to whom this Act applies and who—

(a) has any relevant money; or

(b) holds any relevant foreign currency may—

(i) invest, after November 5, 1997 but on or before June 30, 1999, such relevant money, or money obtained by the conversion of such relevant foreign currency, in the purchase of any share, other than any existing share, in any company which is engaged only in any specified undertaking;

(ii) deposit, after November 5, 1997 but on or before December 31, 1998, such relevant money or money obtained by the conversion of such relevant foreign currency in any Bank, and pay to the Commissioner General and amount (hereinafter in this Act referred to as the "amnesty tax”) equivalent to fifteen per centum of the money so deposited.

(2) For the purposes of this section "specified undertaking” means any undertaking for—

(i) the manufacture or assembly of electronic products or components for such products;

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