Inland Revenue Act 2006 · As enacted · Chapter XI · Special Cases a – Children
75. Every unit trust deemed to be a company
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
For the purposes of this Act, every unit trust and every mutual fund shall be deemed to be a company resident in Sri Lanka and accordingly the provisions of this Act, relating to companies resident in Sri Lanka shall, mutatis mutandis, apply to every unit trust and every mutual fund.
Without prejudice to the generality of the provisions of subsection (1)–
a “unit” in any unit trust or a mutual fund shall be deemed to be a “share” in that company;
a unit holder in any unit trust or mutual fund shall be deemed to be a shareholder in that company;
the profits and income derived by or which arose or accrued to the benefit of, the trustee of any unit trust or the custodian of any mutual fund from any property subject to that unit trust or mutual fund or from any trade or business carried on by such trustee or such custodian for, or on behalf of, that unit trust or mutual fund shall be deemed to be the profits and income of that company;
any distribution, in any manner whatsoever, of the profits or income of any unit trust or mutual fund to its unit holders shall be deemed to be a dividend distributed to the shareholders of that company;
and
the paid up value of any unit in any unit trust or mutual fund shall be deemed to be the paid up value of any share in that company.
Any sum appropriated or paid by way of remuneration to the manager or the trustee of any unit trust or to the manager or custodian of any mutual fund out of the funds of that unit trust or mutual fund shall, for the purposes of section 25 be deemed to be outgoings and expenses incurred by that company in the production of its income.
Such part of the taxable income of any unit trust or mutual fund as consists of profits and income from the business of dealing in shares or debt instruments in accordance with the Securities and Exchange Commission of Sri Lanka Act, No. 36 of 1987 or any regulations or rules made thereunder, shall be chargeable with income tax at the rate specified in item 2 (a) of part A of the Second Schedule to this Act.
D-PARTNERSHIPS
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