Finance Act – 2005

Arrangement of Sections

1. Short title.

PART I

Imposition of Social Responsibility Levy

2. Imposition of Social Responsibility Levy.

3. Social Responsibility Levy to be collected by relevant authorities.

4. Maintenance of records.

5. Action in cases of failure to pay levy.

6. Date of operation of this Part and indemnity.

6A. Interpretation for this Part.

PART II

Imposition of Share Transaction Levy

7. Imposition of Share Transaction Levy.

8. Share Transaction Levy to be collected by relevant stockbroker.

9. Returns to be furnished of collections.

10. Action in case of failure to pay levy.

11. Interpretation for Part II.

12. Date of operation of this Part and indemnity.

PART III

Construction Industry Guarantee Fund Levy

13. Imposition of Construction Industry Guarantee Fund Levy.

13A. Any person or partnership to deduct construction Industry Guarantee Fund Levy.

14. Mode of collection of Construction Industry Guarantee Fund Levy.

15. The Commissioner-General of Inland Revenue to collect the Construction Industry Guarantee Fund Levy on behalf of the Government.

16. Secretary to the Treasury to issue guidelines.

17. Statements to be furnished of collection.

18. Maintenance of records.

19. Action in cases of failure to pay levy.

20. Interpretation for Part III.

21. Operation of the provisions of this Part.

22. Indemnity.

PART IV

Amendment of Finance Act, No. 11 of 2002

23. Amendment of section 2 of Part I of the Finance Act, No. 11 of 2002.

24. Indemnity.

PART V

General

25. Regulations.

26. Sinhala text to prevail in case of inconsistency.

SCHEDULES

5 of 2005,

11 of 2006,

13 of 2007,

45 of 2007,

8 of 2008,

18 of 2009,

15 of 2011,

35 of 2018.

AN ACT to make provision for the imposition of certain levies consequential to the 2005 budget proposals; and to make provision for matters connected therewith or incidental thereto.

[Date of Commencement: 30th March, 2005]

1. Short title.

This Act may be cited as the Finance Act.

PART I

Imposition of Social Responsibility Levy

2. Imposition of Social Responsibility Levy.

A levy to be called the Social Responsibility Levy shall, subject to the provisions of this Act, be imposed—

(a) for the period commencing on January 1, 2005 and ending on December 31, 2005, at the rate of 0.25 per centum;

[S 2(a) ins by s 10(1) of Act 11 of 2006.]

(b) for the period commencing on January 1, 2006 and ending on December 31, 2007 at the rate of 1 per centum; and

[S 2(b) ins by s 10(1) of Act 11 of 2006; subs by s 2(1) of Act 8 of 2008.]

(c) the rate of 1.5 per centum, for the period commencing on January 1, 2008 and ending on—

(i) November 22, 2010 in respect of the Social Responsibility Levy chargeable under the Excise Ordinance, the Customs Ordinance and the Excise (Special Provisions) Act, No. 13 of 1989; and

(ii) March 31, 2011 in respect of the Social Responsibility Levy chargeable under the provisions of the Inland Revenue Act, No. 10 of 2006:

[S 2(c) ins by s 2(1) of Act 8 of 2008; subs by s 3(1) of
Act 15 of 201
1.]

on all taxes and levies chargeable in terms of the provisions of the enactments specified in the First Schedule to this Act. The funds so collected by way of the Social Responsibility Levy shall be disbursed for meeting any expenditure incurred for the implementation of activities connected with the National Action Plan for Children, approved by the Government:

Provided that the imposition of the Social Responsibility Levy in terms of the provisions of this Part of this Act, on income tax chargeable under the provisions of the Inland Revenue Act, No. 38 of 2000, shall be effective from
April 1, 2005
.

[S 2 am by s 10(1) of Act 11 of 2006.]

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