|
FIRST SCHEDULE |
||
|
[Section 35 and section 40] |
||
|
Rates of Income Tax-Individuals other than any Receivers, Trustees, Executors or Liquidators PART I |
||
|
Any Individual other than an individual referred to in Part II or Part III |
||
| On the first Rs.300,000 of the taxable income | 05 per centum | |
| On the next Rs.200,000 of the taxable income | 10 per centum | |
| On the next Rs.200,000 of the taxable income | 15 per centum | |
| On the next Rs.200,000 of the taxable income | 20 per centum | |
| On the next Rs.200,000 of the taxable income | 25 per centum | |
| On the next 500,000 of the taxable income | 30 per centum | |
| On the
balance taxable income |
35per centum |
|
|
PART II Any individual who is not a
citizen of Sri Lanka and who is deemed under subsection (7) of section 79
to be non resident, during the period for which such individual is deemed
non-resident. |
||
| On the
taxable income |
15 per centum
|
|
|
PART III |
||
|
Any individual who is not a
citizen of Sri Lanka and who is referred to in subsection (1) of section
40, for the period of two years referred to therein, or referred to in
subsection (2) of section 40 for the period of five years referred to
therein.| |
||
| On the
taxable income |
20 per centum
|
|
|
PART IV |
||
|
The rates of income tax applicable to certain profits from employment specified in subsection (2) of section 35.
|
||
|
On the first Rs.2,000,000
of the sum received or period of service in other cases, as the case may
be, to any category of contribution referred to in paragraphs (a),
(b), (c), (d), (e) or (f) in subsection
(2) of section 35, is not less than 20 years. |
NIL
|
|
|
On the first Rs.1,000,000
of the sum received or period of service in other cases, as the case may
be, to any category of contribution referred to in paragraphs (a),
(b), (c), (d), (e) or (f) in subsection
(2) of section 35 is less than 20 years. |
NIL
|
|
| On the
next Rs.500,000 |
05 per centum |
|
| On the
next Rs.500,000 |
10 per centum |
|
| On the
balance |
15 per centum |
|
|
SECOND SCHEDULE |
||
|
[Section 61 & 75] |
||
|
Rates of Income Tax -
Companies |
||
|
The rate of income tax for
every year of assessment commencing on or after April 1, 2006 - |
||
|
PART - A |
||
| 1. Any venture
capital company, on the taxable income for that year of assessment |
20 per centum |
|
| 2. Any unit trust
or mutual fund- |
||
|
10 per centum
|
|
|
20 per centum
|
|
|
PART - B |
||
|
1. Any company, other than a company referred to in Part A, for any year of assessment for which the taxable income does not exceed Rs.5,000,000
|
||
|
on the taxable income of
the company for that year of assessment |
15 per
centum |
|
|
2. Any company for the year
of assessment in which it becomes a quoted public company (hereinafter
referred to as the "first year of assessment") an for each year of
assessment within the period of four years immediately succeeding that
first year of assessment, for which the taxable income exceeds
Rs.5,000,000. |
||
|
on the taxablde income of that
company for that year of assessment |
33 1/3
per centum |
|
|
Provided that where such
"first year of assessment" is any year of assessment which commences prior
to April |
||
|
1, 2006, the rate of 331/3 per centum shall apply in relation to any year of assessment which falls within such period of four years, but which commences on or after April 1, 2006.
|
||
|
3. Any company other than
any company herein before referred to in this Schedule, for any year of
assessment. |
||
|
on the taxable income of
that company for that year of assessment. |
35
per centum
|
|
|
4. Where the tax computed
in accordance with item 2 or item 3, as the case may be, of this part of
this Schedule, in relation to any company for any year of assessment
exceeds seven hundred and fifty thousand rupees, the amount by which the
tax so computed exceeds seven hundred and fifty thousand rupees, shall not
exceed the amount by which the taxable income of that company for that
year of assessment exceeds five million rupees |
||
|
THIRD SCHEDULE |
||
|
[Section 35] |
||
|
Rates of Income Tax -
Persons Other than Individuals to whom the First Schedule Applies, and
Companies |
||
| 1. Hindu undivided
families |
30 per centum |
|
| 2. Charitable
Institutions (including corporate bodies) |
10 per centum |
|
|
3. Executor (other than
trustees under last wills) and receivers (other than liquidators) |
30
per centum |
|
| 4. Trustees
(including trustees under last wills) |
30 per centum | |
| 5. Partnerships |
30
per centum |
|
| 6. Partnerships (on
any assessment made) |
30
per centum |
|
|
7. Any Co-operative Society
registered or deemed to be registered under the Co-operative Societies
Law No.5 of 1972 On the taxable income |
5
per centum |
|
|
8. Any club or association
referred to in section 101 On the taxable income |
20
per centum |
|
| 9. Mutual life
assurance companies |
20
per centum |
|
| 10. Liquidators of
companies |
The rate of tax
chargeable in respect of the company concerned. |
|
|
11. Governments (other than
the Government of Sri Lanka and the Government of the United Kingdom) |
30 per centum
|
|
|
12. Business undertakings
vested in the Government under the Business Undertakings (Acquisition) Act
No.35 of 1971- |
||
|
30 per centum | |
|
25 per centum | |
| 13. Employees Trust
Fund and Provident or Pension Funds |
10 per centum
|
|
|
14. Any thrift, saving or
building society or welfare fund to which contributions are made by
employees only or any gratuity funds approved for the purpose of section
25 (1) (o) |
10 per centum
|
|
| 15. Persons (other
than those referred to above and in the First and the Second Schedules) |
30 per centum
|
|
|
FOURTH SCHEDULE |
||
|
[Section 95] |
||
|
Rates of Deduction of
Income Tax from Interest, Rent, Ground Rent, Royalty or Annuity Paid or
Credited to any Person or Partnership out of Sri Lanka |
||
|
Rate of deduction or income tax from interest, rent, ground rent, royalty or annuity paid or credited to any person or partnership out of Sri Lanka
|
20 per centum
|
|
|
FIFTH SCHEDULE |
||
|
The following rates shall
be applicable notwithstanding the rates specified in the First, Second and
Third Schedules. |
||
|
1. Rate of income tax on
the total amount of interest on compensation payable in respect of
property vested in the Government, the Land Reform Commission or a public
corporation or a local authority (section 36) |
10 per centum
|
|
|
2. Rate of income tax on
the total amount of interest received from any bank deposit (section37) |
10 per centum |
|
|
3. Rate of income tax on the gross interest on
loans granted by a company, partnership or other body or persons outside
Sri Lanka (section 38) |
15 per centum | |
|
4. Rate of income tax on royalty payable to
any company, partnership or other body or persons outside Sri Lanka
(section 39) |
15 per centum | |
|
5. The rate of income tax on profits and
income from off-shore foreign currency transaction of any foreign currency
banking unit (section41) |
20 per centum | |
|
6. The rate of income tax on profits and
income arising to any consignor or consignee from entrepot trade involving
precious stones, metals not mined in Sri Lanka or any petroleum , gas or
petroleum products or such other approved products (section 42) |
10 per centum | |
|
7. The rate of income tax
on profits and income arising to any person from any approved undertaking
for the operation and maintenance of facilities for the storage of goods
or commodities involving entrepot trade (section43) |
10 per centum | |
|
8. The rate of income tax applicable to any profits or gains on the disposal of company shares, rights or warrants (section 44) |
15 per centum,
unless such person is liable at 10
per centum only
|
|
|
9. The rate of income tax
on profits from an undertaking carried on by a person other than a
company, and engaged in agriculture, promotion of tourism or construction
work as defined in section217 and section 45 (section45) |
As per the First Schedule, subject to a maximum of 15 per centum | |
|
10. The rate of income tax
on profits from any undertaking carried on by a company, and engaged in
agriculture, promotion of tourism or construction work as defined in
section 217 and section 46 (section 46) |
15 per centum | |
|
11. The rate of income tax applicable to
specialised housing banks (section 47) |
20 per centum | |
|
12. The rate of income tax applicable to
certain companies which are exempt from income tax under section 17 or 19,
for a period of two years immediately succeeding such period of exemption
(section 48) |
10 per centum | |
|
13. The rate of income tax
applicable to certain companies after the expiry of the tax exemption
period, where such exemption is under section 18 or 22 (section 48) |
15 per centum | |
|
14. The rate of income tax applicable to
certain companies after the expiry of the tax exemption, where such
exemption is under section 17 or 19 and where 10 per centum or 15
per centum is not applicable (section 48) |
20 per centum | |
|
15. The rate of income tax
applicable to dividends paid out of profits and income, taxable in
accordance with section 46, and any dividend received from outside Sri
Lanka, and other dividends referred to in section 54 (section49, section
54 and section 55) |
10 per
centum, for any year of assessment commencing on
or after April 1, 2003
|
|
|
16. The rate of income tax
on qualified export profits and income of a person not being a company,
who commenced to carry on any specified undertaking prior to April 1, 2014
(section 50) |
As per the First
Schedule, but Subject to a maximum of 15 per centum
|
|
|
17. The rate of income tax
on qualified export profits and income of a company which commenced to
carry on any specified undertaking prior to April 1, 2014 (section51) |
15 per centum | |
|
18. The rate of income tax on qualified export
profits and income of a company which carries on any specified undertaking
prior to April 1, 2015 (section 52) |
15 per centum | |
|
19. The rate of income tax on dividends out of
qualified export profits and income (section53) |
10 per centum,
for any year of assessment commencing on or after April 1, 2003 |
|
|
20. The rate of income tax on profits and
income from deemed exports of any person or partnership (section 56) |
As per the First Schedule,
subject to a maximum of 15 per centum for an individual and 15
per centum for a company |
|
|
21. The rate of income tax on profits and
income referred to in section 57 of a resident company |
15 per centum | |
|
22. The rate of income tax applicable to any
profits and income referred to in section 58 |
15 per centum | |
|
23. The rate of income tax on profits and
income from transhipment agency fees (section 59) |
15 per centum | |
|
24. The rate of income tax applicable to any
partnership on divisible profits and other income, other than on any
assessment made (section 78) |
10 per centum | |
|
25. The rate of income tax applicable to any
person who is not a citizen of Sri Lanka carrying on the profession or
vocation of entertainer or artiste (section 96) |
15 per centum
|
|
|
26. The rate of income tax
applicable to any profits and income from petroleum exploration of any
person or in the case of a partner of a partnership as referred to in
section 105 (section 105) |
15 per centum | |
|
27. The rate of income tax applicable to the
profit on the receipt of any fund set up or funds received by a Non
Governmental Organisation (section 102) |
30 per centum | |
|
28. Such part of the taxable income of any person or partnership referred to in section 159, as consists of profits or income from any lottery or betting or gaming activity conducted by such person or partnership. |
40 per centum |
|