72*.
| (1) Where any person proves to the satisfaction of the Commissioner that, in respect of his wealth consisting of property in another country, he has paid or is likely to pay for any year of assessment Ceylon wealth tax and wealth tax for the corresponding year of assessment in such other country with which arrangements for granting relief from double taxation have not been made under sections 70 and 71, then he shall be entitled to relief from the wealth tax payable by him in Ceylon in respect of such wealth of the amount of the wealth tax payable in respect of such wealth in Ceylon or in such other country, whichever is less. |
|
| (2) For the purposes of subsection (1), the wealth tax payable by any person in Ceylon or in another country in respect of wealth consisting of property in such other country shall be computed at a rate equivalent to the quotient obtained by dividing the amount of the wealth tax payable in respect of all his taxable wealth by the value of all his taxable wealth. |
|
|
Sri Lanka Consolidated Acts