34. Amendment of the Fifth Schedule to the principal enactment

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

The First Schedule to the principal enactment amended by Act, No. 8 of 2001 is hereby further amended as follows :—

(1)

In Part I of that Schedule by the substitution for the words and figures “referred to in Part II” of the words and figures “referred to in Part II for any year of assessment commencing prior to April 1, 2002” ;

(2)

by the insertion immediately after Part I of that

Schedule of the following Part :—

“PART 1A

Individuals other than those referred to in Part II, for any year of assessment commencing on or after

April 1, 2002

On the first Rs. 180,000 of the taxable income 10 per centum

Inland Revenue (Amendment)

On the next Rs. 180,000 of the taxable income 20 per centum on the balance 35 per centum” ;

(3)

In Part III of that Schedule by the substitution for the words and figures “subsection (2) of section 32”, of the words and figures “subsection (2) of section 32 for every year of assessment commencing prior to April 1, 2002” ; and

(4)

by the addition at the end of that Schedule, of the following :—

“PART

IIIA

The rate of income tax applicable to certain profits from employment specified in subsection (2) of section 32, for any year of assessment commencing on or after April 1, 2002—

on the first Rs. 1,000,000

…

Nil on the next Rs. 500,000

…

5 per centum on the next Rs. 500,000

…

10 per centum on the balance

…

15 per centum.”.

Read on from s 35