Prize Competitions (Amendment)

Prize Competitions (Amendment) AN ACT TO AMEND THE PRIZE COMPETITIONS ACT. NO. 37 OF 1957. BE it enacted by the Queen’ s Most Excellent Majesty by and with the advice and consent of the Senate and the House of Representatives of Ceylon in this present Parliament assembled, and by the authority of the same, as follows:- Short title. 1. This Act may be cited as the Prize Competitions (Amendment) Act, No. 51 of 1968. Amendment of section 2 of Act No. 37 of 1957. 2. Section 2 of the Prize Competitions Act, No. 37 of 1957. hereinafter referred to as the ” principal Act “, is hereby amended as follows:- (1) by the renumbering of sub-sections (2) and (3) of that section, as sub-sections (3) and (4) respectively thereof; and (2) by the insertion, immediately after sub-section (1) of that section, of the following new sub-section: – “(2) A tax at the rate of twenty per centum of the total value of the prizes offered in kind, cash or services shall be paid in respect of every commercial prize competition promoted or conducted by a trading company.”. Amendment of section 17 of the principal Act. 3. Section 17 of the principal Act is hereby amended, in paragraph (a) of sub-section (1) thereof, by the substitution, for the expression ” sub-section (2) “of the expression ” sub-section (3) “. Amendment of section 24 of the principal Act. 4. Section 24 of the principal Act is hereby amended, in the definition of ” prize competition ” by the substitution, for the words ” prizes are awarded and for the participation in which a fee is charged “, of the words ” prizes in kind, cash or services are awarded “.