Inland Revenue (Amendment) Act 2014 · As enacted
46. Amendment of the Fifth Schedule to the principal enactment
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 Fifth Schedule to the principal enactment as last amended by the Act, No.18 of 2013 is hereby further amended as follows :-
by the substitution for item 22 of that Schedule, of the following item:-
“22
The rate of income tax on profits and income referred to in section 58-
for any year of assessment commencing prior to April 1, 2011
for any year of assessment commencing on or after
April 1, 2011, but prior to
April 1, 2014
for any year of assessment commencing on or after
April 1, 2014
by the substitution for item 33 of that Schedule, of the following item:-
“33
The rate of income tax applicable to profits and income of any person from any undertaking referred to in section 59B-
15 per centum 12 per centum
As per the
First
Schedule, but subject to a maximum of 12 per centum for an individual, and 12 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 12 per centum for an individual, and 12 per centum for a company”;
12 per centum ”;
for any year of assessment commencing prior to April 1, 2014
for any year of assessment commencing on or after
April 1, 2014
by the substitution for item 42 of that Schedule, of the following item:-
“42
The rate of income tax applicable to such part of the profits and income of any person from any undertaking referred to in section 56A-
by the addition immediately after item 45 of that
Schedule, of the following new item:-
“46
The rate of income tax applicable to such part of the profits and income of any individual, from a profession as referred to in section 59F-on the first Rs. 500,000/-
of the taxable income on the next Rs. 500,000/-
of the taxable income on the next Rs. 24,000,000/-
of the taxable income on the next Rs. 10,000,000/-
of the taxable income on the balance of the taxable income