Sri Lanka Consolidated Acts

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Inland Revenue (Amendment) Act (No. 8 of 2001) - Sect 9

Amendment of section 51 of the principal enactment

9. Section 51 of the principal enactment is hereby amended as follows :
(1) in subsection (2) of that section
(a)by the substitution, for the words "referred to in subsection (1) of", of the words "referred to in subsection (1) and commencing prior to April 1,2001 of;
(b)in paragraph (a) thereof
(i) by the substitution, for the words "if the relevant part of the income exceeds the amount of such profits and income-", of the words "if the relevant part of the income exceeds the amount of such emoluments and fees-" ; and
(ii) by the substitution in sub-paragraph (i) of that paragraph, for the words 'is equal to the amount of such profits and income", of the words "is equal to the amount of such emoluments and fees"; and
(c) in paragraph (b) thereof, by the substitution for the words "does not exceed the amount of such profits and income", of the words "does not exceed the amount of such emoluments and fees"; and
(2) by the addition, at the end of that subsection, of the following new subsection :
(3) Where the taxable income for any year of assessment referred to in subsection (1), and commencing on or after April 1, 2001 of any individual includes any emoluments and fees referred to in such subsection earned by such individual or which accrued to such individual by way of his share of profits from any partnership in Sri Lanka referred to in subsection (1) 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 ten 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 emoluments and fees
(b) if the relevant part of the income does not exceed the amount of such emoluments and fees, the tax payable on the entirely of the relevant part of the income shall be at the rate often per centum, notwithstanding anything to the contrary in this Act.'.

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