160. Notwithstanding anything to the contrary in any other law, where any person or partnership pays -
| (a) an annuity or royalty other than any such annuity or royalty referred to in section 95; or |
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| (b) any management fee or other similar payment, |
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such person or partnership, as the case may be, shall deduct at the time of such payment of annuity, royalty, management fee or such other similar payment, income tax at the rate of -
| (i) ten per centum of the gross annuity or royalty paid; and |
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| (ii) five per centum of any management fee paid or any other similar payment made: |
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Provided however, that in case of any payment referred to in paragraph (a), the tax shall be deducted only where each such payment of annuity or royalty to any person or partnership is in excess of rupees fifty thousand in any month, or rupees five hundred thousand in any year. |
Sri Lanka Consolidated Acts