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srilawsby aturio
As enacted
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Part III · Super Gain Tax

10. Imposition of the Super Gain Tax

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

There shall be levied, subject to the other provisions of this Part, a tax to be called a Super Gain Tax

(hereinafter in this Part referred to as “the tax”) from–

(a)

any company or any individual whose profit before income tax as per the audited financial statement for the year of assessment commenced on April 1,

2013 exceeds rupees two thousand million, at the rate of twenty five per centum on the taxable income of such company or individual, for such year of assessment;

(b)

each company of a group of companies, of which the aggregate of the profits before income tax of all subsidiaries and the holding company in that group of companies, exceeds rupees two thousand million as per the audited financial statements, for the year of assessment commenced on April 1, 2013, at the rate of twenty five per centum, on the taxable income of each such company, for such year of assessment, notwithstanding that the profit before income tax of any such company does not exceed rupees two thousand million:

Provided however, where the profit before income tax of any company of a group of companies exceeds rupees two thousand million, as per the audited financial statement for the year of assessment commenced on April 1, 2013, but the aggregate of the profits before income tax, of all subsidiaries and the holding company in that group of companies, does not exceed rupees two thousand million, as per the audited financial statements for the year of assessment commenced on April 1,

2013, the tax shall be levied only from such company.

(2)

For the purpose of subsection (1), “taxable income”–

(a)

in relation to a company which has entered into an agreement with the Board of Investment of Sri Lanka under section 17 of the Board of Investment of Sri

Lanka Law, No. 4 of 1978 and has become liable to income tax determined in accordance with such agreement, after the expiration of its period of tax exemption set out in such agreement, means the profit before income tax of such company, as per the audited financial statement;

(b)

in relation to an individual or a company other than the companies referred to in paragraph (a), shall have the same meaning assigned to such expression under the Inland Revenue Act, No. 10 of 2006.

(3)

Any individual or a company who is liable to pay the tax under this Part, shall pay the tax in three equal installments on or before, the thirty first day of October, thertieth day of November and thirty first day of December of 2015, notwithstanding any assessment has not been made on the taxable income of such individual or company.

(4)

The tax shall be collected by the Commissioner General and shall be remitted to the Consolidated Fund within fifteen days from the date of collection.

(5)

The provisions which may be necessary for the implementation of the provisions of this Part, shall be prescribed by regulations made under this Act.

(6)

It shall be the duty of every subsidiary and the holding company of a group of companies, to pay the tax calculated under subsection (1), as provided for in subsection (3), to the Commissioner General.

(7)

Any subsequent liquidation process of a subsidiary or the holding company of a group of companies shall not release any such company from the liability to pay the tax under this Part.

(8)

Notwithstanding any provision contrary in any other written law,–

(a)

the tax levied under this Part shall be deemed to be an expenditure in the financial statement relating to the year of assessment commenced on April 1,

2013;

(b)

no deduction shall be granted in calculating the taxable income under Inland Revenue Act , No. 10

of 2006, for any year of assessment, for the payment of tax under this Part;

(c)

no deduction shall be granted in calculating the tax payable under Value Added Tax Act, No. 14 of 2002, for the payment of tax under this Part;

(d)

no deduction shall be granted in calculating the tax payable under Nation Building Tax Act, No. 9

of 2009, for the payment of tax under this Part.

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Part IV

Mobile Telepone Operator Levy

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Part V

Satellite Location Levy Tion Levy

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Part VI

Dedicated Sports Channel Levy

Read on from Part VI

Part VII

Mansion Tax

Read on from Part VII

Part VIII

Migrating Tax

Read on from Part VIII

Part IX

Motor Vehicle Importers Licence Fee

Read on from Part IX

Part X

Genreal

Read on from Part X

Schedules