24. Insertion of new sections 59A and 59B in the principal enactment

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

The following new sections are hereby inserted immediately after section 59 of the principal enactment and shall have effect as sections 59A and 59B respectively, of that enactment:-

59A. Such part of the profits and income of any person for any year of assessment commencing on or after April 1, 2011 from an undertaking for the manufacture of any product for export, or for supply to an exporter for export, being a product having domestic value addition in excess of sixty five per centum and

Sri Lankan brand name with patent rights reserved in Sri Lanka, shall notwithstanding anything to the contrary in any other provisions of this Act, be chargeable with income tax at the appropriate rate specified in the Fifth

Schedule to this Act.

59B. (1) The profits and income of any person for any year of assessment commencing on or after April 1, 2011, from any undertaking referred to in subsection (2) shall, notwithstanding anything to the contrary in any other provisions of this Act, be chargeable with income tax at the appropriate rate specified in the Fifth Schedule to this Act-

(2)

For the purpose of this section

“undertaking” in relation to any year of assessment means any undertaking-

(a)

engaged in the manufacture of any article or in the provision of any service; and

(b)

the turnover of such undertaking (other than from the sale of any capital asset)

for that year of assessment does not exceed three hundred million rupees.”.

“Rate of income tax on the profits from the export or supply to an exporter of certain product having domestic value addition over sixty five per centum.

Rate of income tax applicable to any undertaking with annual turnover not exceeding three hundred million rupees.

Read on from s 25