29.*
| (1) Subject to the other provisions of this Chapter, there shall be charged for every year of assessment commencing on or after April 1, 1963, from every person (including a Hindu undivided family but not including a company) in respect of the taxable wealth of such person, a tax, which is hereafter in this Act referred to as the " wealth tax ", at the appropriate rates specified in the Third Schedule to this Act. |
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| (2)
| | (a) Notwithstanding anything in subsection (1), there shall be charged for every year of assessment commencing on or after April 1, 1964, from every non-resident company having immovable property in Ceylon, wealth tax at the appropriate rate specified in the Third Schedule to this Act. | | |
| | (b) For the purposes of paragraph (a) of this sub- section, the taxable wealth for any year of assessment of a company mentioned in that paragraph shall-
| | | (i) for the year of assessment commencing on April 1, 1964, be the product of the multiplication by ten of such portion of the taxable income of that company for that year of assessment as is attributable to the profits and income derived by that company from its immovable property in Ceylon, and |
| (ii) for every year of assessment commencing on or after April 1, 1985, be the product of the multiplication by five of such portion of the taxable income of that company for that year of assessment as is attributable to the profits and income derived by that company from its immovable property in Ceylon. |
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| | (c) Nothing in the succeeding provisions of this Chapter shall apply to a company mentioned in paragraph (a) of this subsection. | | |
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*The amendments made in section 29 by section 7 (1) of Act No. 12 of 1964 shall be deemed to have come into force on April 1, 1964, and shall apply to every year of assessment commencing on or after that date.-See section 7 (2) of Act No. 12 of 1964. The amendment made in section 29 by paragraph (b) of subsection (1) of section 19 of Act No. 18 of 1965 shall, in so far as it relates to the year of assessment commencing on April 1, 1964, be deemed to have come into force on August 28, 1964, and accordingly any sum paid in excess of the amount of the tax which a non-resident company would have paid under the Inland Revenue Act as amended by subsection (1) of section 19 of Act No. 18 of 1965 shall be refunded to that company.-See section 19 (2) of Act No. 18 of 1965. |
Sri Lanka Consolidated Acts