Inland Revenue Act 2006 · As enacted · Chapter IX · Special Provisions Relating to the Taxation of Certain Profits and of Dividends Out of Such Profits
59. Rate of tax on profits from transshipment agency fees
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
The profits and income of any agent of any non-resident person carrying on the business of ship owner or chartere, attributable to the agency fees payable to such agent in freign currency in consideration of services rendered to such non-resident person in connection with any transhipment activity carried on by such non-resident person, shall, where such agent is an agent approved by the Director of Merchant
Shipping, be chargeable with income tax at the appropriate rate specified in the Fifth Schedule to this Act.
For the purposes of subsection (1), the profits and income attributable to agency fees in relation to any agent referred to in subsection (1) and to any year of assessment, shall be the sum which bears to the agency fee referred to in subseciton (1) and which accrued to such agent in such year of assessment, the same proportion, as the proportion which the statutory income of such agent from the business of shipping agent bears to the total receipts from such business of shipping agent.
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