Inland Revenue (Amendment) Act 2011 · As enacted
53. Amendment of the Fifth 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 Fifth Schedule of the principal enactment as amended by the Act No. 9 of 2008, is hereby further amended as follows:-
by the substitution for item 5 of that Schedule, of the following item:-
“5.
The rate of income tax on profits and income from off-shore foreign currency transaction of any foreign currency banking unit, for —
any year of assessment commencing prior to
April 1,2011
any year of assessment commencing on or after April 1, 2011
(Section 41)
by the substitution in item 6 of that Schedule for the words “profits and income arising to”, of the words and figures “profits and income arising before
April 1, 2011, to”;
by the substitution in item 8 of that Schedule, for the words “profits or gains on the disposal”, of the words and figures “profits or gains on the disposal on or before March 31, 2007”;
Appropriate rate under Second
Schedule”;
20 per centum;
20 per centum 10 per centum”;
by the substitution for item 9 of that Schedule, of the following item:-
“9. The rate of income tax on profits from and undertaking carried on by a person other than a company,
engaged in agriculture, promotion of tourism or construction work as defined in section 45 or section 217, being profits for any year of assessment commencing prior to April 1, 2011;
engaged in agriculture, manufacture of animal feed, promotion of tourism, or construction work as defined in section 45 or section 217, being profits for any year of assessment commencing on or after
April 1, 2011.
(Section 45)
by the substitution for item 10 of that Schedule, of the following item:-
“10. The rate of income tax on profits from and undertaking carried on by a company,
engaged in agriculture, promotion of tourism or construction work as defined in section 46 or
As per the
First
Schedule, subject to a maximum of 15
per centum
As per the
First
Schedule, subject to a maximum of 12
per centum.”;
section 217, being profits for any year of assessment commencing prior to April 1, 2011;
engaged in agriculture, manufacture of animal feed, promotion of tourism, or construction work as defined in section 46 or section 217, being profits for any year of assessment commencing on or after
April 1, 2011.
(Section 46)
by the substitution for item 11 of that Schedule, of the following item:-
“11. The rate of income tax applicable to specialized housing banks, for-
any year of assessment commencing prior to
April 1, 2011
any year of assessment commencing on or after
April 1, 2011
(Section 47)
by the substitution for item 14 of that Schedule, of the following new item:-
15 per centum;
12 per centum”;
Appropriate rate under Second
Schedule.”;
20 per centum;
“14A. The profits and income of any agricultural undertaking referrd to in section 16 of the Act, for any year of assessment commencing prior to April 1, 2011;
(Section 48A)
by the substitution for item 16 of that Schedule, of the following item:-
“16. The rate of income tax on qualified export profits and income of a person not being a company, who commenced to carry on any specified undetaking prior to April 1, 2014, for-
any year of assessment commencing prior to April 1, 2011
any year of assessment commencing on or after April 1, 2011
(Section 50)
by the substitution for item 17 of that Schedule, of the following item:-
“17. The rate of income tax on qualified export profits and income of a company, which commenced to carry on any specified undetaking prior to April 1, 2014, for-
any year of assessment commencing prior to
April 1, 2011;
As per the First
Schedule, but subject to a maximum of 12 per centum.”;
As per the First
Schedule, but subject to a maximum of 10
per centum for an individual, and 10 per centum for a company.”;
As per the First
Schedule, but subject to a maximum of 15 per centum 15 per centum
any year of assessment commencing on or after April 1, 2011
(Section 51)
by the substitution for item 18 of that Schedule, of the following item:-
“18. The rate of income tax on qualified export profits and income of a company, which commenced to carry on any specified undetaking prior to April 1, 2015, for-
any year of assessment commencing prior to
April 1, 2011
any year of assessment commencing on or after April 1, 2011
(Section 52)
by the substitution for item 20 of that Schedule, of the following item:-
“20. The rate of income tax on profits and income from deemed exports of any person or partnership, for-
any year of assessment commencing prior to April 1, 2011 12 per centum.”;
15 per centum 12 per centum.”;
As per the First
Schedule, but subject to a maximum of 15
per centum for an individual, and 15
per centum for a company.
any year of assessment commencing on or after April 1, 2011
(Section 56)
by the substitution for item 24 of that Schedule, of the following item:-
“24. The rate of income tax applicable to any partnership on divisible profits and other income, other than on any assessment made, for-
any year of assessment commencing prior to April 1, 2011
any year of assessment commencing on or after April 1, 2011
(Section 78)
by the substitution for item 25 of that Schedule, of the following item:-
“25. The rate of income tax applicable to any person who is not a citizen of Sri Lanka carrying on the profession or vocation of an entertainer or artiste, for-
any year of assessment commencing prior to April 1, 2011
As per the First
Schedule, but subject to a maximum of 12 per centum for an individual, and 12 per centum for a company.”;
8 per centum.”;
10 per centum 15 per centum
12 per centum.”;
15 per centum
any year of assessment commencing on or after April 1, 2011
(Section 96)
by the substitution for item 26 of that Schedule, of the following item:-
“26. The rate of income tax applicable to any profits and income from petroleum exploration of any person, or in the case of a partner of a partnership, as referred to in section 105, for-
any year of assessment commencing prior to
April 1, 2011
any year of assessment commencing on or after April 1, 2011
(Section 105)
15. by the substitution for item 27 of that Schedule, of the following item :-
“27. The rate of income tax applicable to the profits on the receipt of any fund set up or funds received by a Non Governmental Organization, for-
any year of assessment commencing prior to
April 1, 2011
any year of assessment commencing on or after April 1, 2011 12 per centum.”;
30 per centum 28 per centum.”;
(Section 102)
16. by the addition, immediately after item 28 of that
Schedule, of the following new items:-
“29. The rate of income tax applicable to such part of the taxable income of any person or partnership, as consists of profits or income from the manufacture and sale or import and sale of any liquor or tobacco product, for any year of assessment commencing on or after April 1, 2011
30. Rate of income tax applicable to such part of the profits of any person engaged in an undertaking referred to in section 59A;
31. The rate of income tax applicable to any undertaking carried on in Sri Lanka for operation and maintenance of facilities for storage, development of software, or supply of labour
32. The rate of income tax applicable to profits and income from educational services.
As per the First
Schedule, but subject to a maximum of 10
per centum for an individual, and 10
per centum for a company.
As per the First
Schedule, but subject to a maximum of 10 per centum for an individual, and 10
per centum for a company.
As per the First
Schedule, but subject to a maximum of 10
per centum for an individual, and 10
per centum for a company.
40 per centum
10 per centum.”.
33. Rate of income tax applicable to any undertaking with an annual turnover not exceeding rupees three hundred million other than buying and selling activities.