Inland Revenue Act 2017 · As enacted · Part I
2. Charging provision
Official English translation. The Sinhala text prevails.
Official translationFrom Department of Government Printing, unchanged
Income tax shall be payable for each year of assessment by –
a person who has taxable income for that year; or
a person who receives a final withholding payment during that year.
The amount of income tax payable by a person for any year of assessment shall be the total of the amounts payable under subsection (1).
The income tax payable by a person under paragraph (a) of subsection (1) shall be calculated by –
applying the relevant rates of income tax set out in the First Schedule to this Act to that person’s taxable income;
deducting any foreign tax credit claimed by and allowed to the person for the year under section 80
of this Act; and
deducting any other tax credit granted or allowed to the person for the year under this Act.
The income tax payable by a person under paragraph (b) of subsection (1) shall be calculated by applying the relevant rate set out in the First Schedule to this Act to each final withholding payment.