50. Rate of income tax on profits and income from services rendered out side Sri Lanka by any resident company or partnership

Where any resident company or any partnership in Sri Lanka which, carries on or exercises any trade, business, profession or vocation earns in any year of assessment any profits and income in foreign currency in respect of service, rendered in that year of assessment, by such company or by such partnership outside Sri Lanka in the course of carrying on, exercising or carrying on such profession, vocation or any construction project in the course of carrying on any trade or business, and such profits and income so earned (less such amount as the Commissioner-General considers to be reasonable expenses) are remitted to Sri Lanka by such company or by such partnership, such profits and income shall, notwithstanding anything to the contrary in this Act, be chargeable with income tax in accordance with the succeeding provisions of this section.

Where the taxable income of any company referred to in subsection (1) for any year of assessment includes profits and income referred to in such subsection then such company shall be chargeable with income tax at the rate of fifteen per centum in respect of such profits and income.

Where the taxable income for any year of assessment referred to in subsection (1) of any partner of any partnership