73.
| (1) Where the assessable income for any year of assessment of an individual not resident in Sri Lanka consists solely of profits or income from services rendered in Sri Lanka or from business transacted in Sri Lanka and does not exceed one thousand rupees, such profits or income shall not be taxable. |
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| (2) Subject to the provisions of subsection (4), where a non-resident person receives any sum by way of dividend from a non-resident company or by way of interest, annuity, ground rent, or royalty which has been disallow ed or excepted under the proviso to section 29 (2) (a) or under section 65 (2), such sum shall not be regarded as in come of such non-resident person arising in or derived from Sri Lanka, and he shall not be chargeable with income tax or entitled to any repayment of tax in respect thereof. |
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| (3) Subject to the provisions of subsection (4), any sum received by a non-resident person as the profits or income of that person arising from any Treasury Bill issued under the Local Treasury Bills Ordinance shall be exempt from income tax. |
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| (4) Nothing in the provisions of subsections (2) and (3) shall operate so as to exclude any sum mentioned in either of those subsections from the computation of the profits of any trade or business carried on in Sri Lanka where such sum forms part of the receipts of such trade or business. |
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| (5) Notwithstanding anything in any other provision of this Act, the rate at which income tax is payable by a non- resident person in respect of any royalty received by him from a company with which an agreement has been entered into by the Greater Colombo Economic Commission under section 17 of the Greater Colombo Economic Commission Law, No. 4 of 1978, shall not exceed the rate, if any, specified in that agreement as the rate at which in come tax is deductible from that royalty. |
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Sri Lanka Consolidated Acts