34.
| (1) The income tax to which a company which is not resident in Sri Lanka in any year of assessment shall be liable for that year of assessment shall consist of -
| | (a) a sum equal to the amount calculated at the rate specified in Part TV of the Second Schedule to this Act and an additional five per centum of the tax able income of such company for such year of assessment: and | | |
| | (b) where there are remittances of such company in that year of assessment -
| | | (i) a sum equal to thirty-three and one-third per centum of the aggregate amount of the remittances of such company, if the amount of such remittances is less than one third of such taxable income, or |
| (ii) a sum equal to eleven and one-ninth per centum of such taxable income, if the aggregate amount of such remittances is not less than one-third of such taxable income. |
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| (2) In subsection (1), " remittances " with reference to a non-resident company mean -
| | (a) sums remitted abroad out of the profits of that company, such sums not including any dividends paid by a resident company to such non-resident company if such resident company made a deduction under section 38 in respect of such dividends, or if such dividends are exempt from income tax under section 11 ; ' | | |
| | (b) such part of the proceeds of the sale abroad of products exported by that company as is retained abroad ; and | | |
| | (c) in respect of any products exported by that company and not sold in a wholesale market or not sold at all such part of the profits deemed under section 71 to be derived from Sri Lanka as is retained abroad. | | |
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Sri Lanka Consolidated Acts