Inland Revenue (Amendment) Act 2007 · As enacted
46. Amendment of the Second Schedule to the principal enactment
Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk
Official translationFrom Department of Government Printing, unchanged
The Second Schedule to the principal enactment is hereby repealed and the following Schedule is substituted therefore :—
as per Part I, but subject to a maximum of 20 per centum.
“SECOND SCHEDULE
[Section 61 and 75]
Rates of Income Tax-Companies
PART - A
1. Any venture capital company-on the taxable income for every year of assessment commencing on or after April 1, 2006.
2. Any unit trust or mutual fund—
For the year of assessment commencing on April 1, 2006—
on such part of the taxable income as is referred to in sub section (4) of section 75 ;
on the balance part of the taxable income;
For any year of assessment commencing on or after
April 1, 2007—
on the taxable income 10 per centum
PART - B
1. (a)
For the year of assessment commencing on April 1, 2006—
Any company other than a company referred to in PART
A and of which the taxable income does not exceed Rs.
5,000,000.
10 per centum 20 per centum 15 per centum 20 per centum
For any year of assessment commencing on or after April 1, 2007—
any Company—
(A)
of which the taxable income does not exceed
Rs.
5,000,000 ;
which is not a c o m p a n y referred to in
PART A ; and
(B)
which is not the holding company, a subsidiary company, or an associate company of a group of companies.
on the taxable income.
15 per centum
For the purpose of item(B), the expressions “holding company”,
“subsidiary company”, and,
“group of companies” shall have the same respective meanings which they have in the Companies
Act, No.7 of 2007.
2. Any company for the year of assessment in which its shares are first quoted in any official list published by a stock sxchange licensed by the Securities and
Exchange Commission of Sri Lanka, (hereinafter referred to as the “first year of assessment”) and for each year of assessment within the period of four years immediately succeeding that first year of assessment, for which the taxable income exceeds
Rs. 5,000,000—
on the taxable income for that year of assessment
Provided that where such first year of assessment is any year of assessment which commences prior to
April 1, 2006, the rate of 33 1/3 per centum shall apply in relation to any year of assessment which falls within such period of four years, but which commences on or after April 1, 2006.
3. Any company other than any company herein before referred to in this Schedule, for any year of assessent—
on the taxable income for that year of assessment
4. Where the taxable income of any company for any year of assessment exceeds five million rupees, then such part of the tax computed in accordance with this Act, as being payable by such company for such year of assessment as is attributable to such excess, shall not be more than such excess.”.