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srilawsby aturio
As enacted
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Chapter IX · Special Provisions Relating to the Taxation of Certain Profits and of Dividends Out of Such Profits

46. Rate of income tax on qualified export profits and income of a person (not being a company) who carries on any specified undertaking

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

Where any person (not being a company)

commenced, prior to November 10, 1993, to carry on any specified undertaking and the taxable income of such person for any year of assessment commencing prior to April 1, 2015, includes any qualified exports profits and income and the rate of income tax payable on a part of such income (hereinafter in this section referred to as the “relevant part of income”)

exceeds fifteen per centum, then, in regard to the relevant part of the income, the tax shall be computed as follows :—

(a)

if the relevant part of the income exceeds the amount of such qualified export profits and income—

(i)

the tax payable on such part of the relevant part of the income as is equal to the amount of such qualified export profits and income shall be at the rate of fifteen per centum ; and

(ii)

the tax payable on the balance of relevant part of the income shall be computed according to such of the rates of above fifteen per centum as are applicable thereto under this Act ; and

(b)

if the relevant part of the income does not exceed the amount of the qualified exports profits and income, the tax payable on the entirety of the relevant part of the income shall be at the rate of fifteen per centum notwithstanding anything to the contrary in this Act.

Read on from s 47

Chapter X

Companies

Read on from Chapter X