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srilawsby aturio
As enacted
EnglishSinhala සිංහල, official PDF on documents.gov.lkTamil தமிழ், official PDF on documents.gov.lk
Contents

Part I

71. Source of income and quarantining of foreign losses

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

Income of a person from an employment that has a source in Sri Lanka shall be calculated separately from income from that employment that has a foreign source.

(2)

Income or loss of a person from a business or investment that has a source in Sri Lanka shall be calculated separately from income or loss from that business or investment that has a foreign source.

(3)

A person’s income from an employment, business, investment or other source shall be treated as a source in

Sri Lanka to the extent to which –

(a)

the amounts directly included in calculating the income that has a source in Sri Lanka, exceed;

(b)

the amounts directly deducted in calculating that income that has a source in Sri Lanka.

(4)

A person’s loss from a business or investment shall have a source in Sri Lanka to the extent to which the amounts referred to in paragraph (b) of subsection (3) exceed those referred to in paragraph (a) of subsection (3).

(5)

A person’s income from a foreign source from an employment shall be calculated as the person’s worldwide income from that employment (calculated notwithstanding subsection (1)) less any income with a source in Sri Lanka from that employment.

(6)

A person’s foreign source of income or loss from a business or investment shall be calculated as the person’s worldwide income or loss from that business or investment

(calculated notwithstanding subsection (2)) –

(a)

less any income with a source in Sri Lanka from that business or investment; or

(b)

plus any loss with a source in Sri Lanka from that business or investment.

(7)

For the purposes of section 19, a person may deduct an unrelieved loss –

(a)

in the case of a foreign source loss from an investment, only in calculating the person’s foreign source income from an investment; and

(b)

in the case of a foreign source loss from a business, only in calculating the person’s foreign source income from a business or investment.

Read on from s 72

Part II

Read on from Part II

Schedules