30. The following Chapter is hereby inserted immediately after Chapter XVA and shall have effect as Chapter XVB of the principal enactment: "
| 113K.
| | (1) Every specified person shall, subject to the provisions of this Chapter, deduct from any specified fee payable to any Person or to any partnership, in any person or to any partnership, in any April 1, 1992, at the time such specified fee is paid, income tax at the rate of three per centum of such specified fee. | | |
| | (2) For the purposes of subsection (1) "
| | | (a) " specified person " in relation to any year of assessment means any person, partnership or body of persons, who or which either on his or its own Behalf or on behalf of any other person or partnership, is likely to pay or to credit in that year of assessment or has paid or credited in the year of assessment immediately preceding that year of assessment"
|
| (b) "specified fee" means any sum payable by any specified person as consideration for services rendered by any person or by any partnership, as the case may be, in the course of any profession or vocation or other activities of an independent character carried on or exercised by such person or any partner of such partnership, as the case may be, and includes any commission, brokerage or other sums of a like nature payable by such specified person but does not include any sum payable by such specified person to any employee of such specified person in the course of employment under such specified person. |
|
|
|
| 113L. The provisions of Chapter XVA relating to the deduction of income tax from interest paid by banks and financial institutions, credit for income tax so deducted, issue of directions, duties of banks and financial institutions, default in the deduction of income tax, issue of assessments on banks and financial institutions, appeals and penalty for default shall, mutatis mutandis' apply to the deduction of income tax from specified fees by specified persons, credit for income tax so deducted, issue of directions, duties of specified persons, default in the deduction of income tax, issue of assessments on specified persons, appeals and penalty for default under this Chapter as if there were substituted in Chapter XVA for the words "banks and financial institutions", of the words "specified persons" and for the word " interest ", of the words " specified fee" wherever they appear in that Chapter, subject however to the modification that credit for income tax deducted under the provisions of this Chapter by any specified person from any specified fee paid to any partnership shall unless the partners of such partnership by mutual agreement determine otherwise, be distributed among such partners in the ratio in which such partners share the profits or losses of such partnership.'. |
|
|
Sri Lanka Consolidated Acts