2.
| (1) An Economic Service Charge (hereinafter referred to as '"the Service Charge") shall, subject to the provisions of this Act, be chargeable from every person and every partnership for each year of assessment commencing on or after April, 1, 2004 (hereinafter in this Act referred to as "the relevant year of assessment'') in respect of every part of the liable turnover of such person or partnership for that relevant year of assessment, at the rate specified in the Schedule to this Act: |
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| (2) Notwithstanding the provisions of subsection (1), the Service Charge chargeable from any person or partnership for any relevant year of assessment shall be charged if and only if the liable turnover of such person or partnership for that relevant year of assessment exceeds rupees fifty million : |
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| "liable turnover" in relation to any person or partnership and to any relevant year of assessment means, the aggregate turnover of every trade, business, profession or vocation other than any trade, business, profession or vocation the commercial operations of which commenced , whether by such person or partnership or by any other person or partnership, on a date which falls within the period of thirty-six months immediately preceding the first day of that relevant year of assessment, carried on or exercised by such person or partnership as the case may be, in Sri Lanka whether directly or through an agent or more than one agent, being the turnover for the year of assessment immediately preceding that relevant year of assessment; and |
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Sri Lanka Consolidated Acts