Inland Revenue Act 2006 · As enacted · Chapter IX · Special Provisions Relating to the Taxation of Certain Profits and of Dividends Out of Such Profits
58. Rate of tax on profits and income from the supply of certain services to garment exporters
Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk
Official translationFrom Department of Government Printing, unchanged
Such part of the profits and income within the meaning of paragraph (a) of section 3, of any garment manufacturer approved by the Textile Quota Board, as consists of profits and income from the supply to any exporter registered with the Textile Quota Board, of the services of sewing any garment, assembly of any garment or any other service which results in the improvement of the value of any garment, made from fabric supplied to such manufacturer by such exporter and exported by such exporter either directly or through any export trading house 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 shall, notwithstanding anything to the contrary in any other provision of this Act, be chargeable with income tax at the appropriate rate specified in the Fifth schedule to this Act, if —
such supply is covered by a letter of credit opened in a bank in Sri Lanka on a back to back basis against an international letter of credit for the remittance to
Sri Lanka of the foreign exchange value of the exports related to such supply, or
the payment of the consideration for such supply is made in foreign currency by means of a draft or telegraphic transfer made in favour of such manufacturer by such exporter ; and
such other documentary evidence as is required by the Commissioner-General to satisfy himself that the garments relating to such supply have in fact been exported, is adduced.
For the purposes of this section “Textile Quota Board” means the Textile Quota Board established under the Textile Quota
Board Act, No. 33 of 1996.
Chapter X
Companies
Chapter XI
Special Cases a – Children
Chapter XII
Chapter XIII
Payment of Tax by Self-Assessment
Chapter XIV
Deduction of Income Tax from Remuneration of Employees by Employers
Chapter XV
Provisions Relating to the Payment of Income Tax by a Government Institution
Chapter XVI
Deductions from Interest Paid by Banks and Financial Institutions
Chapter XVII
Deduction of Income Tax from Specified Fees Paid by Specified Persons
Chapter XVIII
Chapter XIX
Chapter XX
Deduction of Income Tax from Any Annuity or Royalty Paid or Any Management Fee Paid or Similar Payment Made by Any Person or Partnership
Chapter XXI
Retention of Moneys in Certain Provident Funds
Chapter XXII
Assessments
Chapter XXIII
Appeals A-Appeals to the Commissioner-General
Chapter XXIV
Finality of Assessments and Penalty for Incorrect Returns
Chapter XXV
Tax in Default and Sums Added Thereto
Chapter XXVI
Recovery of Tax
Chapter XXVII
Miscellaneous
Chapter XXVIII
Repayment
Chapter XXIX
Penalties and Offences
Chapter XXX
Administration
Chapter XXXI
General
Chapter XXXII
Interpretation
Chapter XXXIII