48.
| (1) Where the net wealth of any person other than a non-resident company, for any year of assessment exceeds two hundred thousand rupees, such part of his net wealth as exceeds two hundred thousand rupees, shall be his tax able wealth for that year of assessment and such person shall be liable to wealth tax in respect of such taxable wealth. |
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| (2) Notwithstanding anything in the preceding provisions, the taxable wealth for any year of assessment of a non resident company having immovable property in Sri Lanka shall be an amount equal to five times such portion of its taxable income for the year of assessment as is attributable to the profits and income derived from its immovable property in Sri Lanka, and such company shall be liable to wealth tax in respect of such taxable wealth. |
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Sri Lanka Consolidated Acts