Ceiling On Income And Compulsory Savings (Amendment) Law

Ceiling On Income And Compulsory Savings (Amendment) Law

A LAW TO AMEND THE CEILING ON INCOME AND COMPULSORY SAVINGS LAW, NO, 15 OF 1972

BE it enacted by the National State Assembly of the Republic of Sri Lanka as follows:

Short title.

1. This Law may be cited as the Ceiling on Income and Compulsory Savings (Amendment) Law, No. 22 of 1975.

Replacement of section 10 of Law No. 15 of 1972.

2. Section 10 of the Ceiling on Income and Compulsory Savings Law, No. 15 of 1.972, hereafter in this Law referred to as the ” principal enactment “, is hereby repealed and the following new section substituted therefor:

” Exemption of certain individual from liability to pay contributions under this Law.

10. An individual who is the head of a family or who is not included in a family shall not be required to pay contributions under this Law-

(a) for any year of assessment commencing on or before April 1, 1973.

(i) if the income tax which he would be liable to pay under the principal Act for that year of assessment on a taxable income equal to his contributable income does not exceed eight hundred and forty rupees; or

(ii) if his total income for that year of assessment does not exceed twelve thousand rupees; and

(b) for any year of assessment commencing on or after April 1, 1974, if his total income for that year of assessment does not exceed eighteen thousand rupees.”.

Amendment of section 12 of the principal enactment.

3. Section 12 of the principal enactment is hereby amended as follows: –

(a) by the renumbering of that section as subsection (1) of section, 12:

(b) in the renumbered subsection (1), by the substitution , for the words for any year of assessment of the following: –

“for any year of assessment commencing on or before April 1, 1973,”; and

(b) by the addition, immediately after subsection (1), of the following new subsection: –

“(2) The normal contribution payable under this Law for any year of assessment commencing on or after April 1, 1974, by an individual who is the head of a family or who is not included in a family shall not be more than eighty per centum of the amount by which his total income for that year of assessment exceeds eighteen thousand rupees.