(1) Subject to the permitted by laws passed by Parliament. A tax at such rates as may be determined by the Minister by order, published in the Gazette, may be levied and recovered on any land or building situated within the Province, calculated on the capital value of such land or building.

(2) (1) The term land referred to sub-section (1) shall include the crown land and the term building shall include any building owned by the government.

(3) (1) Every order made under Subsection (i) shall be published in the Gazette and shall be placed before the Provincial Council for approval within one month of such publication and any order which is not so approved shall be deemed to be rescinded with effect from the date of such disapproval, but without prejudice to anything previously done there under.

(4) Where the term capital value is used in respect of any building, it shall mean the cost of construction of such building including the improvements and additions effected to such building any fixtures fixed thereto and the value of the land on which such building is situated and, where such term is used in respect of a bare land, it shall mean the market value of such land, on the 31st December of the previous year.

(5) The provisions of this section shall come into operation on such date as may be appointed by the Minister.

(1) A tax (herein after referred to as the (Betting tax) shall be levied and charged on bets placed or accepted whether on cash or on credit, at any place or premises within the Province, on horse racing (held in Sri Lanka or aboard), at such rates as may be determined by the Minister by regulations published in the Gazette.

(2) Every regulation made under Subsection (1) shall be published in the Gazette and shall be placed before the Provincial Council for approval within one month from such publication and any regulation which is not so approval shall be deemed to be rescinded with effect from the date of such disapproval, but without prejudice to anything previously done there under.

(3) The betting tax levied under this Section shall be chargeable, immediately after placing such bet, and the person liable to pay such tax shall pay the total of such tax to the Provincial Commissioner of Revenue within ten days after the expiry of one calendar month from the date on which such tax becomes due.

(4) Where a person liable to pay the betting tax on or before the due date as specified in subsection (3) fails to pay such tax, such person shall be deemed to be a defaulter.

(5) Where the payment of any betting tax has been defaulted, the defaulter shall pay a fine equal to ten per centum of the amount which has been so defaulted and, in the case of a continuing defull, an additional fine not less than two per centum, subject to a maximum of fifty per centum, of the sum in default for every month of such default.

(6) Where the payment of a betting tax inclusive of the fine referred to in subsection (5) has been defaulted, it may be recovered as a debt due to the Provincial Council.

(7) If any business referred to in this section is an illegal business, the provisions of this Statute shall not be construed as to give legality to such business.