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srilawsby aturio
As enacted
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Chapter X · Companies

57. Income tax to which any non-resident company is liable

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

(1)

The income tax to which a company which is not resident in Sri Lanka in any year of assessment shall be liable for that year of assessment shall consist of—

(a)

a sum equal to the amount calculated at the rate specified in the Second Schedule ; and

(b)

where there are remittances of such company in that year of assessment a sum equal to—

(i)

thirty-three and one-third per centum of the aggregate amount of the remittances of such company, if the amount of such remittances are less than one third of such taxable income ;

or

(ii)

eleven and one-ninth per centum of such taxable income, if the aggregate amount of such remittances are not less than one-third of such taxable income.

(2)

In subsection (1), “remittances” with reference to a non-resident company mean—

(a)

sums remitted or retained abroad out of the profits of the company, such sums not including any dividends paid by a resident company to such non-resident company ;

(b)

such part of the proceeds of the sale abroad of products exported by that company as is retained abroad ; and

(c)

in respect of any products exported by that company and not sold in a wholesale market or not sold at all such part of the profits deemed under section 78 to be derived from Sri Lanka as is retained abroad.

Read on from s 58