7. In this Act unless the context otherwise requires. "Assessor", "Commissioner General", "non resident company"; "resident Company" and "year of assessment" have the respective meanings assigned to them in the Inland Revenue Act"company" means any company incorporated or registered under any law in force in Sri Lanka or elsewhere and shall be deemed to include a public corporation;income tax" with reference to the relevant year 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 after deducting therefrom, the aggregate of
| | (a)any income tax payable by that company for that year, under paragraph (b), (c) or (d) of subsection (1) of section 53 of the aforesaid Act; | | |
| | (b)any relief from income tax granted to that company in terms of any agreement referred to in section 92, or under section 93 of the aforesaid Act; and | | |
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| (ii) in relation to a non-resident company means the income lax payable, under the Inland Revenue Act, by that company for the relevant year after deducting therefrom any income tax payable by that company for that year, under (sub-paragraph (i) or sub-paragraph (ii) of paragraph (b) of subsection (1) of section 57 of the aforesaid Act; |
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"Inland Revenue Act" means the Inland Revenue Act, No. 38 of 2000; and "public corporation" means any corporation, board or other body, which was, or is established by, or under any written law, other than the Companies Act, No. 17 of 1982, with capital wholly or partly provided by the government, by way of grant, loan or other form. |
Sri Lanka Consolidated Acts