As enacted

Contents

Section 57

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

The Third Schedule of the principal enactment is hereby amended as follows :—

(1)

by the substitution for item 1 thereof, of the following item :—

“1, Hindu undivided families

For any year of assessment commencing prior to April 1, 2003 35 per centum;

For any year of assessment commencing on or after April 1,

2003 30 per centum”;

(2)

in item 2 thereof by the substitution for the words “institutions”

of the words “institutions” (including corporate bodies)” ;

(3)

by the substitution for item 3 thereof, of the following item :—

“3.

Executor (other than trustees under last wills) and receivers

(other then liquidators)

For any year of assessment commencing prior to April 1,

2003.

35 per centum;

For any year of assessment commencing on or after April 1, 2003.

30 per centum;

(4)

by the substitution for item 4 thereof of the following item :—

“4.

Trustees (including trustees under last wills)

For any year of assessment commencing prior to April 1,

2003.

35 per centum;

For any year of assessment commencing on or after April 1, 2003.

30 per centum;

Amendment of the Third

Schedule to the principal enactment.

A venture capital company

An unit trust or mutual fund-profits under specified areas

An unit trust or mutual fund-profits under un-specified areas 20 per centum 10 per centum 20 per centum”.

(5)

by the substitution for item 5 thereof, of the following item :—

“5

Partnerships

For any year of assessment commencing prior to April 1,

2003.

35 per centum

For any year of assessment commencing on or after April 1,

2003 30 per centum” ;

(6)

by the substitution for item 9 thereof, of the following item :—

“9.

Governments (other than the Government of Sri Lanka and the Government of the United Kingdom)

For any year of assessment commencing prior to April 1,

2003 35 per centum;

For any year of assessment commencing on or after April 1, 2003 30 per centum”;

(7)

by the substitution for item 10 thereof, of the following item —

“10.

Business Undertakings vested in the Government under the Business Undertaking (Acquisition) Act, No. 35 of 1971

For any year of assessment commencing prior to April 1,

2003 35 per centum;

For any year of assessment commencing on or after April 1, 2003 30 per centum” ;

(8)

by the substitution for item 13 thereof, of the following item —

“13.

Persons (orher than those referred to above and in the First and Second Schedules)

For any year of assessment commencing prior to April 1, 2003 20 per centum;

For any year of assessment commencing on or after April 1, 2003 30 per centum.” .

1. Rate of income tax on the total amount of interest on compensation payable in respect of property vested in the

Government, the Land Reform

Commission or a public corporation or a local authority.

(section 33)

2. Rate of income tax on the total amount of interest received from any bank deposit. (section 34)

3. Rate of income tax on the gross interest on loans granted by a company, partnership or other body of person outside Sri

Lanka (section 35)

4. Rate of income tax on royalty payable to any company, partnership or other body of person outside Sri Lanka

(section 36)

5. Rate of income tax on the profits and income of any foreign currency banking unit arising from any on - shore foreign currency banking transactions

(section 38)

6. Rate of income tax on profits from an undertaking carried on by a person other than a company and engaged in agriculture, promotion of tourism or construction work as defined in section 186 and section 39, (section 39)

10 per centum 10 per centum 15 per centum 15 per centum 15 per centum as per the First Schedule subject to a maximum of 15

per centum

“SIXTH SCHEDULE

The following rates shall be applicable notwithstanding the rates specified in the First, Second and Third Schedules.

Addition of the

Sixth Schedule to the principal enactment.

Read on from s 58