59.
| (1) The profits and income of any agent of any non-resident person carrying on the business of ship owner or chartere, attributable to the agency fees payable to such agent in freign currency in consideration of services rendered to such non-resident person in connection with any transhipment activity carried on by such non-resident person, shall, where such agent is an agent approved by the Director of Merchant Shipping, be chargeable with income tax at the appropriate rate specified in the Fifth Schedule to this Act. |
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| (2) For the purposes of subsection (1), the profits and income attributable to agency fees in relation to any agent referred to in subsection (1) and to any year of assessment, shall be the sum which bears to the agency fee referred to in subseciton (1) and which accrued to such agent in such year of assessment, the same proportion, as the proportion which the statutory income of such agent from the business of shipping agent bears to the total receipts from such business of shipping agent. |
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Sri Lanka Consolidated Acts