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32. Amendment of section 88 of the principal enactment

Official English translation. The Sinhala text prevails.

Section 88 of the principal enactment is hereby amended as follows: -

(1)

in subsection (1) of that section-

(a)

by the substitution for the words “the following shall be the final”, of the words and figures “the following shall, prior to

January 1, 2020, be the final”;

(b)

in paragraph (d) of that subsection, by the substitution for the words and figures

“paragraph (b) of subsection (2) of section 84”, of the words and figures “paragraph (b)

of subsection (3) of section 84”;

Act, No. 10 of 2021

(2)

by the insertion immediately after subsection (1) of that section, of the following new subsection: -

“(1A) For the purposes of this Act, the following shall, on or after January 1, 2020, be the final withholding payments: -

(a)

amounts paid as winnings from a lottery, reward, betting or gambling, other than amounts received in conducting a business consisting of betting and gaming;

(b)

payments made to a non-resident person who is not a citizen of Sri Lanka or to a non-resident entity that is subject to withholding under this Division, other than payments derived through a Sri Lankan Permanent

Establishment; and

(c)

interest paid to or treated as being derived by a non-resident individual who is a citizen of

Sri Lanka:

Provided however, the following interest amounts shall not be deemed as final withholding payments to such non-resident individual who is a citizen of Sri Lanka: -

(i)

such amount of interest paid and falling within the relief threshold in paragraph 2(a) of the Fifth Schedule to this Act;

or

(ii)

such amount calculated by deducting the total of other sources of assessable income (total assessable income other than interest) from the relief threshold if the total of assessable income from other sources does not exceed the relief threshold.”;

Act, No. 10 of 2021

(3)

in subsection (3) of that section, by the substitution for the words and figures “paragraph (b) of subsection (2) of section 84”, of the words and figures “paragraph (b) or (d) of subsection (3) of section 84”.

Read on from s 33