50.
| (1) Where any resident company or any partnership in Sri Lanka which, carries on or exercises any trade, business, profession or vocation earns in any year of assessment any profits and income in foreign currency in respect of service. rendered in that year of assessment, by such company or by such partnership outside Sri Lanka in the course of carrying on. exercising or carrying on such profession, vocation or any construction project in the course of carrying on any trade or business, and such profits and income so earned less such amount as the Commissioner-General considers to he reasonable expenses) are remitted to Sri Lanka by such company or by such partnership, such profits and income shall. notwithstanding anything to the contrary in this Act. be chargeable with income tax in accordance with the succeeding provisions of this section. |
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| (2) Where the taxable income of any company referred to in subsection (1) for any year of assessment includes profits and income referred to in such subsection then such company shall be chargeable with income tax at the rate of fifteen per centum in respect of such profits and income. |
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| (3) Where the taxable income for any year of assessment referred to in subsection (1) of any partner of any partnership (not being a company) includes any profits and income referred to in such subsection which accrued to him by way of his share of profits from such partnership, and the rate of income tax payable on a part of such income (hereinafter in this section referred to as the "relevant part of income"; exceeds fifteen per centum, then, in regard to the relevant part of the income, the tax shall be computed as follows.
| | (a) if the relevant part of the income exceeds the amount of such profits and income ;"
| | | (i) the tax payable on such part of the relevant part of the income as is equal to the amount of such profits and income shall be at the rate of fifteen per centum ; and |
| (ii) the tax payable on the balance of the relevant part of the income shall be computed according to such of the rates of above fifteen per centum as are applicable thereto under this Act ; and |
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| | (b) if the relevant part of the income does not exceed the amount of such profits and income, the tax payable on the entirety of the relevant part of the income shall be at the rate of fifteen per centum notwithstanding anything to the contrary in this Act. | | |
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Sri Lanka Consolidated Acts