Inland Revenue (Amendment) Act 2003 · As enacted
Section 55
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
The First Schedule of the principal enactment is hereby repealed and the following Schedule substituted therefor :—
“FIRST SCHEDULE
(Section 32)
Rate of Income Tax-Individuals other than any Receivers, Trustees,
Executors or Liquidators
PART I
Individuals other than those referred to in Part II
For any year of assessment commencing prior to April 1, 2002
On the first Rs. 100,000 of the taxable income 10 per centum
On the next Rs. 100,000 of the taxable income 15 per centum
On the next Rs. 100,000 of the taxable income 25 per centum
On the balance taxable income 35 per centum
PART I A
For the year of assessment commencing on April 1, 2002
On the first Rs. 180,000 of the taxable income 10 per centum
On the next Rs. 180,000 of the taxable income 20 per centum
On the balance taxable income 35 per centum
Replacement of the First Schedule to the principal enctment.
PART I B
For any year of assessment commencing on or after April 1, 2003.
On the first Rs. 180,000 of the taxable income 10 per centum
On the next Rs. 180,000 of the taxable income 20 per centum
On the balance taxable income 30 per centum
PART II
Any individual who in not a citizen of Sri Lanka and also is deemed, under subsection (7) of section 73, to be non-resident
Section 37(1) and (2)
15 per centum
PART III
The rates of income tax applicable to certain profits from employment specified in subsection (2) of section 32—
For any year of assessment commencing prior to April 1, 2002
On the first Rs. 500,000
Nil
On the next Rs. 150,000 5 per centum
On the next Rs. 150,000 10 per centum
On the balance 15 per centum
the rate of income tax applicable to any sum referred to in paragraph (c) of subsection (2) of section 32 paid under a scheme not uniformly applicable to all the employees of such employer—
As per Part IA or Part IB subject to the maximum of 20 per centum
PART III A
The rate of income tax applicable to certain profits from employment specified in subsection (2) of section 32
For any year of assessment commencing on or after April 1, 2002
On the first Rs. 1,000,000
Nil
On the next Rs. 500,000 5 per centum
On the next Rs. 500,000 10 per scentum
On the balance 15 per centum”.