11. Replacement of section 40A of the principal enactment

Section 40A of the principal enactment is hereby repealed and the following section is substituted therefor:—

40A. Where the taxable income of any individual being a citizen of Sri Lanka, for any year of assessment commencing on or after

April 1, 2008, includes any profits from employment as a pilot under any airline licensed under the Air Navigation Act (Chapter

365) (hereinafter in this section referred to as

“relevant profits”) and the rate of income tax payable on a part of such taxable income

(hereinafter in this section referred to as the

“Rates of income tax on the profits from employment of any pilot.

“relevant part of the taxable income”) exceeds twenty per centum, then in regard to the relevant part of the taxable income, the tax payable shall be computed as follows:—

where such relevant part of the taxable income exceeds the amount of the relevant profits:—

the tax payable on such portion of the relevant part of the taxable income as is equal to the amount of such relevant profits, shall be computed at the rate of twenty per centum; and

the tax payable on the balance of the relevant part of the taxable income, shall be computed according to such of the rates above twenty per centum, as are applicable thereto, under the First

where such relevant part of the taxable income does not exceed the amount of the relevant profits, the tax payable on the entirety of the relevant part of the taxable income, shall be computed at the rate of twenty per centum.”.