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<s> PARLIAMENT OF THE DEMOCRATIC
SOCIALIST REPUBLIC OF
SRI LANKA
ECONOMIC SERVICE CHARGE
(AMENDMENT) ACT, No. 7 OF 2017
Printed on the Order of Government
[Certified on 17th of May, 2017]
PRINTED AT THE DEPARTMENT OF GOVERNMENT PRINTING, SRI LANKA
TO BE PURCHASED AT THE GOVERNMENT PUBLICATIONS BUREAU, COLOMBO 5
Price :... |
per centum.”.
(2) in subsection (2) of that section—
(a) by the substitution, for the words “the
service charge shall not be charged from
any person or partnership for any relevant
quarter,”, of the words and figures “the
3Economic Service Charge (Amendment)
Act, No. 7 of 2017
service charge shall not be charged from
... |
2017
paragraph (b) of subsection (1) of section
2 but had not been credited as stated in
paragraph ( a) shall be deducted as in
accordance with subsection (1), (2) or
(3) of this section.”.
4. Section 13 of the principal enactment as last amended
by Act, No. 13 of 2015 is hereby further amended in the
definition of th... |
<s> PARLIAMENT OF THE DEMOCRATIC
SOCIALIST REPUBLIC OF
SRI LANKA
ECONOMIC SERVICE CHARGE
(AMENDMENT) ACT, No. 11 OF 2011
Printed on the Order of Government
[Certified on 31st March, 2011]
PRINTED AT THE DEPARTMENT OF GOVERNMENT PRINTING , SRI LANKA
TO BE PURCHASED AT THE GOVERNMENT PUBLICATIONS BURE... |
The return shall also indicate
the basis of the calculation of the service charge
and other details, if any, specified by the
Commissioner-General in relation to this
section.”.
4. The following new section is hereby inserted
immediately after section 10 of the principal enactment and
shall have effect as section 10
A ... |
prior to A pril 1, 2011
(b) on or after A pril 1, 2011
4. any other businesses including of
which the turnover is defined by
Notice published in the Gazette.
(including dealers in motor vehicles,
liquor, tobacco and petroleum)”
1.0 per centum
0.25 per centum
1.0 per centum
RA TE OF THE
SER VICE CHARGE
APPLICABLE TO
THA... |
<s> PARLIAMENT OF THE DEMOCRATIC
SOCIALIST REPUBLIC OF
SRI LANKA
ECONOMIC SERVICE CHARGE
(AMENDMENT) ACT, No. 6 OF 2013
Printed on the Order of Government
[Certified on 22nd March, 2013]
PRINTED AT THE DEPARTMENT OF GOVERNMENT PRINTING, SRI LANKA
TO BE PURCHASED AT THE GOVERNMENT PUBLICATIONS BUREAU, COLOMBO 5
P... |
No. 6 of 2013
Annual subscription of English Bills and Acts of the Parliament Rs. 885 (Local), Rs. 1,180
(Foreign), Payable to the S
UPERINTENDENT, G OVERNMENT P UBLICATIONS B UREAU, D EPARTMENT OF
GOVERNMENT INFORMATION, NO. 163, KIRULAPONA MAWATHA, POLHENGODA, COLOMBO 05 before 15th
December each year in respect of t... |
<s> 2-2d
2-
PARLIAMENT OF THE DEMOCRATIC
SOCIALIST REPUBLIC OF
SRI LANKA
INLAND REVENUE ACT, No. 24 OF 2017
Printed on the Order of Government
[Certified on 24th of October, 2017]
PRINTED AT THE DEPARTMENT OF GOVERNMENT PRINTING, SRI LANKA
TO BE PURCHASED AT THE GOVERNMENT PUBLICATIONS BUREAU, COLOMBO 5
Price : Rs... |
47. Involuntary realisation of asset with replacement. 40
48. Realisation by separation. 41
49. Transfer by way of security, finance lease or instalment
sale. 41
50. Payment of Tax on gains from realisation of an Asset. 42
51. Apportionment of costs and consideration received. 42
CHAPTER V
T
YPES OF PERSONS
Division I:... |
of tax on realisation of investment assets
by partnerships and trusts. 92
PART II
CHAPTER IX
A
DMINISTRATION PROVISIONS
Division I: Administration of this Act
97. Officers. 92
98. Delegation of powers. 93
99. Inland Revenue Incentive Fund. 94
100. Confidentiality. 95
101. Informants. 97
Division II:Taxpayer Registratio... |
incorporated bodies. 136
148. Liability for tax following winding-up. 136
149. Managers of entities. 137
150. Refundable amounts. 138
151. Extension of time for payment. 138
152. Default in payment. 139
153. Priority of tax. 140
154. Order of payment of tax debts. 141
155. Currency. 141
CHAPTER XV
INTEREST
156. General... |
ULE
Tax Rates 200
SECOND SCHEDULE
Investment Incentives 207
(x)
Title Page
THIRD SCHEDULE
Exempt Amounts 210
FOURTH SCHEDULE
Capital Allowances, Balancing Allowances
and Assessable Charges 214
FIFTH SCHEDULE
Qualifying Payments and Reliefs 217
SIXTH SCHEDULE
Temporary Concessions 219
(xi)
1Inland Revenue Act, No. 24 of... |
from
an employment for a year of assessment the following
amounts received or derived by the individual during the
year of assessment from the employment shall be included:-
(a) payments of salary, wages, leave pay, overtime pay,
fees, pensions, commissions, gratuities, bonuses and
other similar payments;
(b) payments ... |
a person’s gains and profits from
conducting a business for a year of assessment the following
shall be excluded:-
(a) exempt amounts and final withholding payments;
and
(b) amounts that are included in calculating the
person’s income from an employment.
7. (1) A person’s income from an investment for a year
of assessm... |
year of assessment;
General
Deduction.
9Inland Revenue Act, No. 24 of 2017
(ix) amounts incurred on lotteries, betting or gambling,
other than amounts incurred from conducting a
business of lotteries, betting or gambling; or
(x) taxes or other levies specified by the Commissioner-
General.
(2) Where a person is allowed... |
percent of the written
down value of the asset at the end of the
previous year (paragraph 4(3) of the Fourth
Schedule); and
(b) shall be allowed in the order in which the expenses
are incurred.
(3) Excess expense for which a deduction shall not be
allowed as a result of the limitation in subsection (2) shall
be added ... |
of a business to the extent to which –
(i) in the case of a liability that is a debt
obligation incurred in borrowing money, the
money was used or an asset purchased with
the money was used in the production of
income from the business; and
(ii) in the case of any other liability, the liability
was incurred in the prod... |
under this section or subsection (5) of
section 25.
CHAPTER III
CALCULATION OF THE INCOME TAX
Division 1: Method of Accounting
20. (1) The year of assessment means the period of
twelve months commencing on the first day of April of any
year and ending on the thirty first day of March in the
immediately succeeding year.... |
acquisition of services or assets,
at the time the services or assets are provided;
(b) with respect to the use of an asset, at the time the
asset is used; and
(c) in any other case, at the time the person makes
payment in full satisfaction of the liability.
(5) Where in calculating income on an accrual basis an
inaccu... |
the contract and
incurred before the end of a year of assessment with the
estimated total contract expenses as determined at the time
of commencement of the contract.
(4) Subsection (5) shall apply where a long-term contract
is completed and the person has an unrelieved loss
attributable to that contract for the year o... |
Lankan
Rupees on the date the amount is taken into account for the
purposes of this Act.
27. (1) A payment or amount to be included or deducted
in calculating income of a person shall be quantified in the
amount, as specified by the Commissioner-General or, in
any other case, according to market value.
(2) The amount o... |
ony or maintenance; or
(b) to a spouse under a duly executed deed of
separation;
“blended loan” means a loan –
(a) under which payments by the borrower
represent in part a payment of interest and in
part a repayment of capital;
(b) where the interest part is calculated on capital
outstanding at the time of each payment... |
2017
(c) where one of the reasons for the transfer is to lower
tax payable by any person.
(4) Where a spouse receives income for services rendered
in any business carried on or exercised –
(a) by the other spouse; or
(b) by a partnership of which that other spouse is a
partner,
the income shall be included in the incom... |
production of the
asset;
(b) expenditure incurred by the person in altering,
improving, maintaining or repairing the asset;
(c) incidental expenditure incurred by the person in
acquiring and realising the asset; and
Calculating
gains and losses.
Cost of an asset.
32 Inland Revenue Act, No. 24 of 2017
(d) income amounts... |
the case of trading stock, a depreciable asset, a
capital asset of a business or an investment asset,
immediately before the person begins to employ
the asset in such a way that it ceases to be an asset
of any of those types; and
(f) in the circumstances referred to in section 70
(change of residence).
40. (1) The cost... |
that type owned by the person;
Cost of trading
stock and other
fungible assets.
37Inland Revenue Act, No. 24 of 2017
“direct labour costs” means expenditure incurred by
a person on labour that directly relates to the
production of trading stock;
“direct asset costs” means expenditure incurred by a
person in acquiring a... |
ividual is the individual’s child by
marriage or adoption, spouse, parent,
grandparent, grandchild, sibling, aunt,
uncle, nephew, niece or first cousin;
and
(ii) the asset is an interest in land or a
building situated in Sri Lanka; or
(b) in the case of a transfer to a charitable
institution, the transfer occurs by way... |
treated as still
owning the asset and as having incurred a liability
being the secured debt; and
(b) the other person shall not be treated as acquiring
the asset or any part of it, but shall be treated only
as owning the secured debt.
(2) Where an asset is leased under a finance lease, the
lessor shall be treated as tr... |
2017
(3) Partnership income or a partnership loss of a
partnership shall be allocated to the partners in accordance
with this Division.
(4) Amounts derived and expenditure incurred in common
by partners shall be treated as amounts derived or expenditure
incurred by the partnership and not by the partners.
(5) Assets ow... |
respect to the partnership income shall be allocated to the
partners, proportionately to each partner’s share, and shall
be treated as paid by them. The allocation occurs at the time
partnership income is treated as derived by the partners under
paragraph (b) of subsection 3.
(5) For the purposes of this section and s... |
beneficiary has a
vested and indefeasible interest in the income
and an immediate right to demand payment
of the income from the trustee of the trust;
and
(b) provisions of subsection (2) shall not apply
to a trust to the extent that the trust’s taxable
income include a gain from the realisation of
an investment asset.... |
61. (1) Dividends –
(a) distributed by a resident company shall be
taxed on the company’s shareholders; and
(b) distributed by a non-resident company shall
be included in calculating the income of the
shareholders.
(2) Gains on disposal of shares in a company shall be
included in calculating the income of the sharehol... |
(1), shall be determined on the basis
of accepted commercial practices and be subject to any
specific provisions in the Petroleum Resources Agreements,
entered into under the Petroleum Resources Act, No. 26 of
2003.
(3) The income, gains and profits from the business of
petroleum exploitation under any Petroleum Resour... |
insurance) shall be ascertained by taking the gross
Insurance
business.
56 Inland Revenue Act, No. 24 of 2017
premiums from insurance business in Sri Lanka (less any
premiums returned to the insured and premiums paid on
reinsurance) and deducting therefrom a reserve from
unexpired risks at the percentage adopted by the... |
Sri Lanka and his spouse is posted abroad during
the year; or
(d) is an individual who is employed on a Sri Lanka
ship, within the meaning of the Merchant
Shipping Act, during the period the individual is
so employed.
(2) A partnership shall be resident in Sri Lanka for a
year of assessment if –
(a) it was formed in Sr... |
Lanka
from that employment.
(6) A person’s foreign source of income or loss from a
business or investment shall be calculated as the person’s
worldwide income or loss from that business or investment
(calculated notwithstanding subsection (2)) –
(a) less any income with a source in Sri Lanka from
that business or inves... |
of containers and related equipment
which are supplementary or incidental to
carriage referred to in subparagraph (i);
(i) payments received by a person who conducts a
business of transmitting messages by cable, radio,
optical fibre or satellite or electronic
communication in respect of the transmission of
messages by ... |
or control of that body is held by an individual or
individuals who are not residents of that other contracting
state for the purposes of the agreement.
(4) Provision of subsection (3) shall not apply if the
resident of the other contracting state is a company listed on
a stock exchange in that other contracting state.... |
the amount of tax payable.
Without prejudice to the generality of the provision of
this subsection, the allowance for any expense or interest
arising from an international transaction shall also be
determined having regard to the arm’s length price.
(3) (a) Where it appears to the Transfer Pricing Officer
that the inco... |
to tax or increasing the loss, as the case may be, computed
on the basis of entries made in the books of account in respect
of any year of assessment in which the international
transaction was entered into.
(5) Notwithstanding anything to the contrary in any other
section of this Act or any other law, no exemption or t... |
ance with the final order of the Technical
Review Committee or the Dispute Resolution
Panel as the case may be.
73Inland Revenue Act, No. 24 of 2017
(k) If such a person who is aggrieved by such
assessment made based on the final order, may,
within thirty days of the notice of assessment
make an appeal to the Commissio... |
77 as the case may be, to the Commissioner-General, the
Dispute Resolution Panel shall, within six months of the
date of such communication of dissatisfaction on such
interim order, make a final order and shall transmit such
order in writing or by electronic mean to such person. A
copy of such final order shall be sen... |
the date by which the instalment is to be paid
under section 90;
(c) in the case of tax payable on assessment –
(i) on the date on which the capital gains
tax return shall be filed under section
93 for a person with taxable income
consisting of a gain from the realisation
of an investment asset; or
(ii) on the date th... |
(iii) as an endorsement fee;
(iv) in relation to the supply of any article on a
contract basis through tender or quotation;
or
(v) for such other matters as may be prescribed
by regulation; or
(b) pays a service fee or an insurance premium with a
source in Sri Lanka to a non-resident person.
(2) Subject to the provisio... |
cover a calendar month and shall be served within
thirty days after the end of the month.
Withholding
certificates.
83Inland Revenue Act, No. 24 of 2017
(4) In the case of tax withheld under section 83, a
withholding certificate-
(a) shall cover the part of the year during which the
employee is employed; and
(b) shall ... |
tax by quarterly instalments if he derives or expects to derive
assessable income during a year of assessment –
(a) from a business or investment; or
(b) from an employment where the employer is not
required to withhold tax under section 83.
(2) An instalment payer shall pay instalments of tax-
(a) in the case of a pe... |
section 2; and
(iii) any other information that the Commissioner-
General may specify; and
(b) have attached to it any other information that the
Commissioner-General may specify.
(3) Subject to subsection (6) of this section and subsection
(3) of section 92, the tax referred to in subparagraph (ii) of
paragraph (a) o... |
ii) any other information that the Commissioner-
General may specify.
(3) Every person with taxable income consisting of a gain
from the realisation of an investment asset shall file with the
Commissioner-General a capital gains tax return not later
than one month after that realisation.
(4) A capital gains tax return ... |
Revenue, Senior Commissioners of Inland Revenue,
Commissioners of Inland Revenue, Senior Deputy
Commissioners of Inland Revenue, Deputy Commissioners
of Inland Revenue and Assistant Commissioners of Inland
Revenue.
(2) A tax official exercising or performing or discharging
any power, duty or function conferred or imp... |
the Department and of the
Customs Department in the course, and for the
purpose, of carrying out their duties;
(b) the Minister in charge of the subject of Finance in
the course, and for the purpose, of carrying out
supervision of the Department;
(c) the Auditor-General or any person authorised by
the Auditor-General, ... |
General considers to have fulfilled
the requirements for registration and assign the person a
Taxpayer Identification Number (hereinafter referred to as
“TIN”).
(5) Where the Commissioner-General refuses to register a
person who has applied for registration, the Commissioner-
General shall serve the person with written... |
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