Bank Debits Tax (Amendment) Law

Bank Debits Tax (Amendment) Law A LAW TO AMEND THE BANK DEBITS TAX ACT, NO. 27 OF 1970. BE it enacted by the National State Assembly of the Republic of Sri Lanka as follows: Short title and date of operation. 1. This Law may be cited as the Bank Debits Tax (Amendment) Law., No. 32 of 1975, and shall come into operation on such date as may be appointed by the1 Minister by Order published in the Gazette. Amendment of section 3 of Act No. 27 of 1970. 2. Section 3 of the Bank Debits Tax Act, No. 27 of 1970 (hereinafter referred to as the ” principal enactment “) is hereby amended by the omission of paragraphs (b), (c) and (d) of that section. Amendment of section 5 of the Principal enactment. 3. Section 5 of the principal enactment is hereby amended by the repeal of subsection (1) of that section, and the substitution therefor of the following new subsection: ” (1) Within sixty days after the end of each calendar month every commercial bank shall, according to the funds in each current account maintained in that bank, withdraw from that account a sum equal to the tax or part of the tax on the debits made against that account during that month, and shall, after deducting from the total of the sums withdrawn in pursuance of this subsection the amount of the fee referred to in section 6, remit the balance of such total, with a statement relating thereto in the prescribed form, to the Chief Accountant of the Central Bank of Ceylon to be credited to the Consolidated Fund of Sri Lanka. “. Replacement of section 15 of the principal enactment. 4.Section 15 of the principal enactment is hereby repealed and the following new section substituted therefor: ” Certificate relating to total amount of debits &c, to be sent to the Deputy Secretary to the Treasury every three months. 15. After the end of every three calendar months an officer of the Central Bank of Ceylon authorized in that behalf by the Governor of such Bank shall, in respect of each commercial bank, in writing certify to such Governor the total amount of such debits made during those months against the current accounts in that commercial bank as are subject to the tax, the total amount of the tax payable on those debits, the amount remitted by that commercial bank in payment of the tax, the amount retained by that commercial bank as its fee for collecting and remitting the tax and the amount of the tax, if any, that has not been collected. Such certificate shall be transmitted by a Deputy Governor of the Central Bank of Ceylon to the Deputy Secretary to the Treasury within seventy-four days after the end of the three calendar months to which such certificate relates. “. the tax payable on those debits, the amount remitted by that commercial bank in payment of the tax, the amount retained by that commercial bank as its fee for collecting and remitting the tax and the amount of the tax, if any, that has not been collected. Such certificate shall be transmitted by a Deputy Governor of the Central Bank of Ceylon to the Deputy Secretary to the Treasury within seventy-four days after the end of the three calendar months to which such certificate relates. “. Amendment of section 17 of the principal enactment. 5. Section 17 of the principal enactment is hereby amended by the substitution, for the definition of ” commercial bank”, of the following new definition: ‘ ” commercial bank ” means any commercial bank within the meaning of the Monetary Law Act;’.