33. Amendment of section 90 of the principal enactment

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

Section 90 of the principal enactment is hereby amended as follows: -

(1)

in paragraph (a) of subsection (1) of that section, by the substitution for the words “a business or investment; or”, of the words “a business, investment or other income; or”;

(2)

by the repeal of subsection (2) of that section and the substitution therefor, of the following subsection: -

“(2) An instalment payer shall pay instalments of tax for the year of assessment on or before the fifteenth day respectively of August, November and

February in that year of assessment and the fifteenth day of May of the next succeeding year of assessment.”;

(3)

in subsection (3) of that section, by the substitution for the words “payment of the instalment.”, of the following: -

“payment of the instalment:

Provided however, in calculating the estimated tax payable by an instalment payer, the Advance

Personal Income Tax deducted by an employer or to be deducted by an employer for the year of assessment may be deducted prior to applying the formula given in this subsection.”;

(4)

in subsection (5) of that section, by the substitution for the words “instalment for the year.” of the following: -

Act, No. 10 of 2021

“instalment for the year. Notwithstanding anything to the contrary in section 55 (but without any right to a refund), a partner in a partnership shall be entitled to a tax credit in calculating the amount of current instalment of tax payable for such share of tax credit amount treated as being paid by the partner, but subject to the payment of the same instalment due by the partnership.”.

Read on from s 34