Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsReplacement of Sixth Schedule to the principal enactment
| 45. The Sixth Schedule to the principal enactment is hereby repealed and the following new Schedule substituted therefor:- For gifts made during the year preceding any year of assessment commencing on or after April 1, 1965 but prior to April 1, 1978, the gifts tax shall be at the same rate or rates specified in Part II of the Fifth Schedule subject however to the variation that for gifts made during the year preceding any year of assessment commencing on or after April 1, 1974, the rate on the first Rs. 50,000 of the value of all taxable gifts shall, in lieu of the 5 per centum specified in that Part of that Schedule, be 3 per centum. For gifts made during the year preceding any year of assessment commencing on or after April 1, 1978, the rates of gifts tax shall be as follows : - On the first Rs. 50,000 of the value of the all taxable gifts ... ... Nil On the next Rs. 30,000 of the value of the all taxable gifts ... ... 5% On the next Rs. 30,000 of the value of the all taxable gifts ... ... 7 1/2% On the next Rs. 30,000 of the value of the all taxable gifts ... ... 10% On the next Rs. 40,000 of the value of the all taxable gifts ... ... 13% On the next Rs. 50.000 of the value of the all taxable gifts ... ... 14% On the next Rs. 100,000 of the value of the all taxable gifts ... 16% On the next Rs. 100,000 of the value of the all taxable gifts ... 18% On the next Rs. 100,000 of the value of the all taxable gifts ... 24% On the next Rs. 100,000 of the value of the all taxable gifts ... 30% On the next Rs. 125,000 of the value of the all taxable gifts ... 32% On the next Rs. 125,000 of the value of the all taxable gifts ... 36% On the next Rs. 200,000 of the value of the all taxable gifts ... 42% On the next Rs. 350,000 of the value of the all taxable gifts ... 48% On the next Rs. 500,000 of the value of the all taxable gifts ... 55% On the next Rs. 600,000 of the value of the all taxable gifts ... 60% On the balance of the value of all taxable gifts ... ... 70% ". |