Professional Documents
Culture Documents
FINANCE ACT, No. 35 OF 2018
FINANCE ACT, No. 35 OF 2018
SOCIALIST REPUBLIC OF
SRI LANKA
L.D.—O. 22/2017
1. This Act may be cited as the Finance Act, No. 35 of Short title.
2018.
PART I
PART II
PART III
PART IV
PART V
PART VI
17. Part VII (Mansion Tax) of the Finance Act, No. 10 Repeal of
Part VII of Act,
of 2015 (hereinafter in this Part referred to as the “principal No. 10 of 2015.
enactment”) is hereby repealed.
PART VII
Collection of tax 21. (1) The tax payable under section 19 on any
at the time of specified motor vehicle imported into Sri Lanka prior to the
registration.
date prescribed under section 19, or assembled in Sri Lanka
shall be paid by the registered owner of such vehicle to the
Commissioner-General at the time of issuing the first
Certificate of Registration in respect of such vehicle.
Certain vehicles 22. Nothing in this Part shall apply to any specified
to be exempted motor vehicle providing services to a Diplomatic Mission
from the
payment of the of any State within the meaning of the Diplomatic Privileges
tax. Act, No. 9 of 1996 or to an International, Multilateral or
Bilateral Organization recognized in terms of that Act.
Finance Act, No. 35 of 2018 9
23. In this Part of this Act, unless the context otherwise Interpretation.
requires–
PART VIII
Collecting the 25. (1) The Levy payable for any period commencing
levy for the on January 1, 2016 but ending prior to January 1, 2019 shall
period
commencing have been collected by the bank at which the Letter of Credit
from January 1, in respect of the vehicle imported is opened, at the time of
2016 to January
1, 2019.
opening such Letter of Credit and shall be remitted in the
manner specified in subsection (2) by such bank to the
Commissioner-General.
(a) on the 1st day of any month to the 15th day of that
month shall have been remitted on or before the
end of that month; and
to the Commissioner-General.
(4) Any bank which collects the levy from any importer
shall issue a copy of the Letter of Credit to such importer
certifying that the levy has been paid. Any vehicle imported
on a Letter of Credit opened on or after January 1, 2016
shall not be allowed to be removed from the Sri Lanka
Customs, unless the importer submits the copy of the Letter
of Credit which is endorsed by the bank.
26. (1) The levy payable under section 24 for any period Collecting the
levy for any
commencing on or after January 1, 2019, on any vehicle in period
respect of which the Letter of Criedit has been opened on or commencing on
or after
after January 1, 2019 and imported into Sri Lanka, shall be January1, 2019.
paid by the importer of the vehicle to the Director-General
of Customs, at the time of removing the vehicle from Sri
Lanka Customs together with the import duties payable in
respect of such vehicle in terms of any written law.
Certain vehicles 27. Nothing in this Part shall apply to any vehicle
to be exempted
from the
imported to Sri Lanka for providing services to a Diplomatic
payment of the Mission of any State within the meaning of the Diplomatic
levy. Privileges Act, No. 9 of 1996 or to an International,
Multilateral or Bilateral Organization recognized in terms
of that Act.
Interpretation. 30. In this Part of this Act, unless the context otherwise
requires–
PART IX
31. (1) There shall be charged and levied for the year Imposition of
Annual
commencing on January 1, 2016, and ending on December Company
31, 2016 from every company incorporated or registered Registration
under the Companies Act, No. 7 of 2007, a levy to be called Levy.
Default in 33. (1) Any company which fails to pay the levy as
payment of the
levy.
provided for in section 31, shall be deemed to be a defaulter
under this Act.
Recovery of the 34. (1) Where the amount of the levy or part thereof is
Levy in default.
in default, the Registrar of Companies shall issue a certificate
containing particulars of the amount in default and the name
and address of the company, to the Magistrate having
jurisdiction over such place.
PART X
36. (1) There shall be charged and levied for every Imposition of
Debt Repayment
month commencing on October 1, 2018 but ending on Levy.
December 31, 2021, from every financial institiution, a levy
of 7 per centum to be called the “Debt Repayment Levy”
(hereinafter in this Part referred to as “the levy”) on the value
addition attributable to the supply of financial services by
each such institution.
37. The Minister may, having regard to the economic exemption from
development of the country, by Order published in the the Default in
payment of the
Gazette, exempt any transaction of a financial institution levy.
16 Finance Act, No. 35 of 2018
Interpretation. 39. In this Part of this Act, unless the context otherwise
requires—
“financial institution”means—
PART XI
CARBON TAX
Imposition of 40. (1) There shall be levied for every year commencing
Carbon Tax. from January 1, 2019, from the registered owner of every
motor vehicle specified in the Third Schedule hereto, a tax
to be called the “Carbon Tax” (hereinafter in this Part referred
to as “the tax”) at such rates as may by specified in that
Schedule.
Finance Act, No. 35 of 2018 17
(2) The tax imposed under subsection (1) shall not apply
for any electric vehicle.
43. In this Part of this Act, unless the context otherwise Interpretation.
requires—
PART XII
44. (1) There shall be levied for every year commencing Imposition of
from January 1, 2019, from every mobile telephone operator Cellular
Tower Levy.
who owns a cellular tower, a levy to be called the “Cellular
Tower Levy” (hereinafter in this Part referred to as “the levy”)
of rupees two hundred thousand per annum for each cellular
tower.
18 Finance Act, No. 35 of 2018
Default in 45. (1) Any mobile telephone operator who fails to pay
payment of the the levy as provided for in section 44, shall be deemed to be
levy.
a defaulter under this Act.
46. (1) Where the amount of the levy or part thereof is Recovery of the
in default, the Commission shall issue a certificate containing levy in default.
particulars of the amount in default, the name and the address
of the last known place of residence or business of the
defaulter, to the Magistrate having jurisdiction over such
place.
47. In this Part of this Act, unless the context otherwise Interpretation.
requires—
PART XIII
48. (1) There shall be charged with effect from January Imposition of
1, 2019, a levy of 25 cents per each mobile short message, on levy on mobile
short message
bulk advertisements sent through mobile short message
services.
services.
20 Finance Act, No. 35 of 2018
Interpretation. 49. In this Part of this Act, unless the context otherwise
requires—
PART XIV
GENERAL
Default by body 50. Where the default in payment of a levy or tax
of persons. imposed under this Act is made by a body of persons, if that
body of persons is—
[Section 24]
FIRST SCHEDULE
[Section 31]
SECOND SCHEDULE
[Section 40]
THIRD SCHEDULE
Hybrid 0.25 per cm3 0.50 per cm3 1.00 per cm3
(Petrol/Diesel)
English Acts of the Parliament can be purchased at the “PRAKASHANA PIYASA”, DEPARTMENT OF
GOVERNMENT PRINTING, NO. 118, DR. DANISTER DE SILVA MAWATHA, COLOMBO 8.