8. In this Act, unless the context otherwise requires"assessable income", " Charitable Institution " ; " Commissioner-General ", " executor ", " people's company ", " person ", " profits and income ", " quoted public company ", " receiver ", " small company ", " trustee " and " year of assessment" have the respective meanings assigned to them in the Inland Revenue Act ; co-operative society" means a co-operative society registered or deemed to be registered under the Co-operative Societies Law, No. 5 of 1972; employer", "employee" and "remuneration" have the respective meanings assigned to them in Chapter XV of the Inland Revenue Act; " income tax" with reference to any person and the relevant year,
| (a) in section 2 and in the First Schedule to this Act, and
| | (i) in relation to a resident company, means the income tax payable, under the Inland Revenue Act, by that Company for the relevant year less any income tax payable by that company for that year under paragraph (b) of subsection (I) of section 33 of that Act; | | |
| | (ii) in relation to a non-resident company, means the income tax payable, under the Inland Revenue Act, by that company for the relevant year less any income tax payable by that company for that year, under sub-paragraph (i) or sub-paragraph (ii) of paragraph (b) of subsection (i) of section 34 of that Act; | | |
| | (iii) in relation to a resident individual whose profits and income for the relevant year include any profits from employment referred to in paragraph (c) of section 4 of the Inland Revenue Act, means such income tax as would have been payable, under the Inland Revenue Act, by such individual had such profits from employment hot formed part of his profits and income for the relevant year; | | |
| | (iv) in relation to an individual who is deemed by subsection (7) of section 67 of the Inland Revenue Act to be a non-resident, means such income tax as would have been payable, under the Inland Revenue Act, by such individual had his profits from employment in Sri Lanka for the relevant year not formed part of his profits and income for that year ; and | | |
| | (v) in relation to any other person, means the income tax payable, under the Inland Revenue Act, by that person for the relevant year ; and | | |
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| (b) in sections 3 and 6, means the income tax payable, under the Inland Revenue Act, by that person for that year; |
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" Inland Revenue Act" means the Inland Revenue Act, No. 28 of 1979 ; " taxable income " with reference to any person and the relevant year, means the taxable income of that person for that year, computed in accordance with the provisions of the Inland Revenue Act; and
| (a) in the case of a resident individual whose profits and income for the relevant year include any profits from employment referred to in paragraph (c) of section 4 of the Inland Revenue Act, be deemed to mean such amount as would have been the taxable income (computed in accordance with the provisions of the Inland Revenue Act) of such individual for that year had such profits from employment not formed part of the profits and income of such individual for that year; |
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| (b) in the case of an individual who is deemed by subsection (7) of section 67 of the Inland Revenue Act to be a nonresident, be, deemed to mean such amount as would have been the taxable income (computed in accordance with the provisions of the Inland Revenue Act) of such individual for the relevant year had his profits from employment in Sri Lanka for that year not formed part of his profits and income for that year ; |
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"wealth tax" means the wealth tax charged and levied tinder the Inland Revenue Act. |
Sri Lanka Consolidated Acts