Inland Revenue (Amendment) Act 2014 · As enacted
26. Insertion of new sections 59F, 59G and 59H in the principal enactment
Official English translation. The Sinhala text prevails.
Official translationFrom Department of Government Printing, unchanged
The following new sections are hereby inserted immediately after section 59E of the principal enactment and shall have effect as sections 59F, 59G and 59H respectively, of that enactment:-
59F. (1) Where the taxable income of any individual being a citizen of Sri Lanka, for any year of assessment commencing on or after
April 1, 2014, includes any profits and income from providing professional services as a professional, such part of the taxable income 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.
For the purpose of this section,
“professional” shall have the same meaning as given for that expression in section 40C.
“Rate of income tax on the profits and income from the provision of professional services.
59G. (1) The tax rate applicable on the profits and income earned by a bank for any year of assessment commencing on or after
April 1, 2014, on any loan granted to any individual, who is a professional, for the purpose of constructing a house or purchasing a house or a unit of a residential apartment complex, by such individual alone or together with any other individual, shall be reduced by fifty per centum.
For the purpose of this section,
“professional” shall have the same meaning as given for that expression in section 40C.
59H. Such part of the tax computed in accordance with this Act, as being payable by any ship operator, ship builder or any agent of a foreign ship shall, notwithstanding anything to the contrary in any other provision of this
Act, be reduced by ten per centum, if such ship operator, ship builder or agent provides training on skill development in the shipping industry to trainees.”.