Inland Revenue (Amendment) Act 2015 · As enacted
20. Amendment of section 59F of 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
Section 59F of the principal enactment is hereby amended by the repeal of subsection (1) of that section and substitution therefor, of the following new subsection :-
“(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 (hereinafter in this section referred to as the “relevant profits”) and the rate of income tax payable under the First Schedule to this
Act, on a part of such taxable income (hereinafter in this section referred to as the “relevant part of the taxable income”) exceeds twelve per centum, then in regard to the relevant part of the taxable income, the tax payable shall be computed as given below:-
where such relevant part of the taxable income exceeds the amount of the relevant profits then the tax payable on such relevant part of the taxable income shall be computed as follows:-
if such relevant profits does not exceed twenty five million rupees, then the tax payable on such portion of the relevant part of the taxable income as is equal to the relevant profits, shall be at the rate of twelve per centum, and the tax payable on the balance of the relevant part of the taxable income, shall be computed according to such of the rates above twelve per centum, as are applicable thereto under the First Schedule to this Act;
or
if such relevant profits exceed twenty five million rupees, then the tax payable,
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on such portion of the relevant part of the taxable income as is equal to twenty five million rupees shall be at twelve per centum;
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on such protion of the balance as does not exceed ten million rupees shall be at the rate of fourteen per centum; and
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on any balance relevant part of the taxable income shall be computed according to such of the rates above twelve per centum, as are applicable thereto under the First
Schedule to this Act subject to the following:—
where the rate of income tax, under the First Schedule to this Act, payable on a portion of such balance relevant part of the taxable income exceeds sixteen per centum:
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the tax payable on such balance relevant part of the taxable income as is not exceeding the excess of relevant profits over thirty five million rupees shall be computed at sixteen per centum; and
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the tax payable on any balance of the relevant part of the taxable income, shall be computed according to such of the rates above sixteen per centum, as are applicable thereto under the First Schedule to this Act; or
where the rate of income tax payable under the First
Schedule to this Act, on any portion of such balance relevant part of the taxable income does not exceed sixteen per centum, then the tax payable on the entirety of such balance shall be computed at sixteen per centum; or
where such relevant part of the taxable income does not exceed the amount of the relevant profits, then the tax payable on the relevant part of the taxable income shall be computed as follows:-
if such relevant profits do not exceed twenty five million rupees then, the tax payable on the entirety of the relevant part of the taxable income, shall be at twelve per centum; or
if the relevant profits exceed twenty five million rupees, then the tax payable,
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on the portion by which twenty five million rupees exceeds the amount by which the relevant profits exceed relevant part of the taxable income shall be at twelve per centum;
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on the portion up to ten million rupees of the balance relevant part of the taxable income shall be at fourteen per centum; and
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on any balance relevant part of the taxable income shall be at sixteen per centum.”.