| 1.
| | This Act may be cited as the Inland Revenue Act, No. 10 of 2006. |
| 2.
| | Imposition of income tax. |
| 3.
| | Income chargeable with Tax. |
| 4.
| | Profits from employment. |
| 5.
| | Net annual value of land and improvements thereon or of any place of residence. |
| 6.
| | Profits or income arising from rents of land and improvements thereon. |
| 7.
| | Exemptions from income tax of certain persons (other than individuals) on the whole or any part of their profits and income. |
| 8.
| | Exemption from income tax of certain profits and income of certain officers and employees. |
| 9.
| | Exemption from income tax of certain interest received. |
| 10.
| | Exemption from income tax of certain dividends. |
| 11.
| | Exemption from income tax of certain profits and income from lands and improvements thereon. |
| 12.
| | Exemption from income tax of certain subsidies. |
| 13.
| | Miscellaneous exemptions from income tax. |
| 14.
| | Exemption of certain profits and income of any resident guest. |
| 15.
| | Exemptions of profits and income derived from outside Sri Lanka. |
| 16.
| | Exemption from income tax of profits and income from agricultural undertaking. |
| 17.
| | Exemption from income tax of the profits and income of any company from any specified undertaking. |
| 18.
| | Exemption from income tax of certain undertakings for infrastructure development. |
| 19.
| | Exemption from income tax of small scale infrastructure undertakings. |
| 20.
| | Exemption of the profit and income of any new industrial undertaking. |
| 21.
| | Exemption of profits and income of any relocated undertaking. |
| 22.
| | Exemption from income tax of any company engaged in research and development. |
| 23.
| | Exemption from income tax of any venture capital company. |
| 24.
| | Exemption from income tax of any person engaged in the business of providing Manor Houses or Thematic Bungalows to tourists. |
| 25.
| | Deductions allowed in ascertaining profits and income. |
| 26.
| | Deductions not allowed in ascertaining profits and income. |
| 27.
| | Deduction of head office expenses incurred by any non resident company. |
| 28.
| | Basis for computing statutory income. |
| 29.
| | Apportionment of profits. |
| 30.
| | Total statutory income. |
| 31.
| | Aggregation of the total statutory income of a child with that of his parent. |
| 32.
| | Deductions from total statutory income in arriving at assessable income. |
| 33.
| | Taxable Income. |
| 34.
| | An allowance in respect of qualifying payments. |
| 35.
| | Rates of income tax on persons other than companies. |
| 36.
| | Special provision relating to taxation of interest on compensation payable in respect of property vested in the Government, the Land Reform Commission or a public corporation or a local authority. |
| 37.
| | Deduction of income tax from interest payable on certain deposit accounts. |
| 38.
| | Rates of income tax on the gross interest on loans granted by a company, partnership or other body of persons outside Sri Lanka. |
| 39.
| | The rate of income tax on royalty payable to any company partnership or other body of persons outside Sri Lanka. |
| 40.
| | The rate of income tax on profits from employment, for a specified period of a non-citizen employed in Sri Lanka. |
| 41.
| | Rate of income tax on profits and income of any foreign currency banking unit arising from any off-shore foreign currency transaction. |
| 42.
| | Rate of income tax on profits and income arising in Sri Lanka to the consignor or consignee from certain exports. |
| 43.
| | Rate of income tax on profits and income arising from certain undertaking approved by Minister. |
| 44.
| | Rate of income tax on sale of any share or a warrant. |
| 45.
| | Rates of income tax on profits from certain undertakings carried on by a person other than a company. |
| 46.
| | Rate of income tax on profits from certain undertakings carried on by a company. |
| 47.
| | Rate of income tax applicable to specialized housing banks. |
| 48.
| | Rate of income tax applicable to certain companies after the expiry of tax exemption. |
| 49.
| | Rate of income tax on dividends paid out of profits taxed in accordance with section 46. |
| 50.
| | Rate of income tax on qualified export profits and income of person not being a company, who commenced to carry on any specified undertaking. |
| 51.
| | Rate of income tax on qualified export profits and income of a company which commenced to carry on any specified undertaking. |
| 52.
| | Rate of income tax on qualified export profits and income of a company which carries on any specified undertaking. |
| 53.
| | Rate of income tax on dividends out of exports profits and income. |
| 54.
| | Rate of income tax on certain dividends. |
| 55.
| | Rate of income tax on dividend received from outside Sri Lanka. |
| 56.
| | Rate of income tax on deemed exports of any person or partnership. |
| 57.
| | Rate of income tax on profits and income from services rendered outside Sri Lanka by any resident company or partnership. |
| 58.
| | Rate of tax on profits and income from the supply of certain services to garment exporters. |
| 59.
| | Rate of tax on profits from transshipment agency fees. |
| 60.
| | Interpretation. |
| 61.
| | Income tax to which any resident company is liable. |
| 62.
| | Income tax to which any non-resident company is liable. |
| 63.
| | Certain dividends not to form part of the assessable income of the receiving company. |
| 64.
| | Profits of a company from transactions with its shareholders. |
| 65.
| | Resident company entitled to deduct tax from any dividend. |
| 66.
| | Certain undistributed profits to be treated as distributed. |
| 67.
| | Provisions applicable where the profits and income of a company are appropriated by the director & c. of that company. |
| 68.
| | Provisions of this Chapter not to apply to charitable institutions etc. |
| 69.
| | Assessment of child's income. |
| 70.
| | Returns to be furnished by receiver and trustee and their liability to tax. |
| 71.
| | Chargeability to tax of trustee of an incapacitated person. |
| 72.
| | Liability of executor to tax payable by deceased person. |
| 73.
| | Return to be furnished by executor and chargeability of an executor and beneficiary. |
| 74.
| | Joint trustees and executors. |
| 75.
| | Every unit trust deemed to be a company. |
| 76.
| | Assessment of partnership income. |
| 77.
| | Assessment to be made in the name of the partnership in certain circumstances. |
| 78.
| | Tax chargeable on partnerships. |
| 79.
| | What constitutes residence. |
| 80.
| | Chargeability of certain profits of non resident persons. |
| 81.
| | Persons assessable on behalf of a non-resident person. |
| 82.
| | Liability of certain non- resident persons. |
| 83.
| | Profits of certain businesses to be computed as a percentage of the receipts. |
| 84.
| | Profits of non-resident person from sale of exported produce. |
| 85.
| | Liability to income tax of certain profits of non-resident person. |
| 86.
| | Exemption from income tax of non-resident persons in certain cases and liability of certain non-resident persons to income tax at reduced rates. |
| 87.
| | Profits of non-resident shipowners or charterers. |
| 88.
| | Master of ship to be an agent. |
| 89.
| | Refusal of clearance for ship where income tax is in arrears. |
| 90.
| | Profits of non-resident owners or charterers of aircraft. |
| 91.
| | Application of subsection (2) of section 87, section 88, and section 89, to profits of non-resident owners or charterers of any aircraft. |
| 92.
| | Ascertainment of profits of insurance companies. |
| 93.
| | Interest on certain loans deemed to be profits and income. |
| 94.
| | Certain royalties deemed to be profits and income. |
| 95.
| | Deduction of income tax from interest, & c, payable to persons outside Sri Lanka. |
| 96.
| | Deduction of income tax from payment made to any foreign entertainer or artiste. |
| 97.
| | Effect of agreements for double taxation relief. |
| 98.
| | Relief in respect of Sri Lanka income tax. |
| 99.
| | Applicability of provisions relating to particular sources of profits or income. |
| 100.
| | How certain receipts of insurance are to be treated. |
| 101.
| | Ascertainment of income of clubs, trade associations etc. |
| 102.
| | Profits and income of non governmental organisations to be chargeable with income tax . |
| 103.
| | Certain transactions and dispositions to be disregarded. |
| 104.
| | Profits and income or loss from transactions between associated undertakings to be determined having regard to the arm's lengthprice. |
| 105.
| | Ascertainment of profits and income from business of petroleum exploitation under a Petroleum Resources Agreement. |
| 106.
| | Returns and information to be furnished. |
| 107.
| | Audit reports to be furnished by partners etc. |
| 108.
| | Returns and other documents to contain the national identity card number or passport number. |
| 109.
| | Returns to be furnished of income received on account of or paid to other persons. |
| 110.
| | Occupiers to furnish returns of rent payable. |
| 111.
| | Return of lodgers and inmates. |
| 112.
| | Power of Commissioner-General to impose penalty for failure to furnish return. |
| 113.
| | Payment of tax by self assessment. |
| 114.
| | Employers to deduct income tax. |
| 115.
| | Employers to give notice to Commissioner - General. |
| 116.
| | Application of income tax tables. |
| 117.
| | Deduction of tax at special rates. |
| 118.
| | Directions to employers. |
| 119.
| | Employers to maintain proper records. |
| 120.
| | Duties of employer following deduction of income tax. |
| 121.
| | Adjustments of amount of income tax not paid or paid in excess. |
| 122.
| | Employee to give notice when necessary deductions are not made. |
| 123.
| | Income tax deducted not to form part of assets of employers. |
| 124.
| | Default in the deduction or payment of income tax. |
| 125.
| | Issue of assessments on employers. |
| 126.
| | Appeals. |
| 127.
| | Penalty for default. |
| 128.
| | Penalty on default. |
| 129.
| | Credit for tax paid. |
| 130.
| | Compliance with the provisions of this Chapter relating to forms. |
| 131.
| | Interpretation. |
| 132.
| | Payment of income tax by a Government institution of its employees. |
| 133.
| | Banks and financial institutions to deduct income tax. |
| 134.
| | Deducting tax from interest on securities, treasury bonds etc,. |
| 135.
| | Companies issuing corporate debt securities to deduct income tax. |
| 136.
| | Credit for tax deducted. |
| 137.
| | A notional tax credit on secondary market transactions |
| 138.
| | Refund of income tax paid on interest liable to withholding tax. |
| 139.
| | Issue of directions where deductions are made under sections 133 or 136. |
| 140.
| | Duties of bank and financial institution following deductions of income tax. |
| 141.
| | Penalty for tax avoidance. |
| 142.
| | Default in the deduction of income tax . |
| 143.
| | Issue of assessments on banks and financial institutions. |
| 144.
| | Appeals. |
| 145.
| | Penalty for default. |
| 146.
| | Penalty and interest on default. |
| 147.
| | Interpretation. |
| 148.
| | Person or Partnership chargeable with income tax. |
| 149.
| | Registred co-operative societies deemed to be companies. |
| 150.
| | Registration of banks and financial institutions. |
| 151.
| | Registration of specified persons. |
| 152.
| | Registration of persons liable to deduct tax from rent, lease rent or other similar payments. |
| 153.
| | Specified persons to deduct income tax from specified fees. |
| 154.
| | Provisions of Chapter XVI to apply in relation to the deduction under this Chapter of income tax from specified fees. |
| 155.
| | Persons paying rent, lease rent etc. to deduct income tax. |
| 156.
| | Application of the provisions of Chapter XVI to this Chapter. |
| 157.
| | Government institution paying rewards or fines or other person or partnership paying lottery prizes etc. to deduct income tax. |
| 158.
| | Provisions of Chapter XVI to apply in relation to any deduction under this Chapter. |
| 159.
| | Registration of persons conducting lotteries or betting or gambling activities. |
| 160.
| | Persons paying annuity, royalty, management fee or similar payment to deduct income tax. |
| 161.
| | Application of the provisions of Chapter XVI to this Chapter. |
| 162.
| | Retention of fifteen per centum of moneys lying to the credit of a contributor to a specified provident fund, to meet any tax payable. |
| 163.
| | Assessments and additional assessments. |
| 164.
| | Notice of Assessment. |
| 165.
| | Appeals to the Commissioner-General. |
| 166.
| | Constitution of the Board of Review. |
| 167.
| | Appeals to the Board of Review. |
| 168.
| | Commissioner-General may refer appeals to the Board of Review. |
| 169.
| | Hearing and determination of appeals by the Board of Review. |
| 170.
| | Appeal on a question of law to the Court of Appeal. |
| 171.
| | Assessments or amended assessments to be final. |
| 172.
| | Penalty for incorrect return. |
| 173.
| | Tax in default and sums added thereto. |
| 174.
| | Punishment for tax in default. |
| 175.
| | Tax to include fines etc. |
| 176.
| | Tax to be a first charge. |
| 177.
| | Notice to defaulter. |
| 178.
| | Recovery of tax by seizure and sale. |
| 179.
| | Proceedings for recovery before Magistrate. |
| 180.
| | Recovery of tax out of debts & c. |
| 181.
| | Transfer of immovable property to Government in lieu of payment of tax in cash. |
| 182.
| | Tax in default to be recovered from remuneration of employee. |
| 183.
| | Tax in default of partner to be recovered from the assets of a partnership. |
| 184.
| | Recovery of income tax from the income of a child. |
| 185.
| | Recovery of income tax payable by a beneficiary from the trustee. |
| 186.
| | Recovery of income tax payable by a beneficiary from the executor. |
| 187.
| | Gift tax to be recovered from the donee in certain circumstances. |
| 188.
| | Recovery of tax from persons leaving Sri Lanka. |
| 189.
| | Use of more than one means of recovery. |
| 190.
| | Power of Commissioner-General to obtain information for the recovery of tax |
| 191.
| | Liability of directors of private company in liquidation. |
| 192.
| | Delegation of Commissioner- General's powers and functions. |
| 193.
| | Action not to commence after expiry of five years in certain circumstances. |
| 194.
| | Signature and service of notice. |
| 195.
| | Validity of notices, assessments etc. |
| 196.
| | Precedent partner to act on behalf of a partnership. |
| 197.
| | Principal officer to act on behalf of company or body of persons. |
| 198.
| | Who may act for incapacitated or non-resident person. |
| 199.
| | Indemnification of representative. |
| 200.
| | Tax paid in excess to be refunded. |
| 201.
| | Interest payable on the amount of a refund in certain circumstances. |
| 202.
| | Penalties for failure to make returns making incorrect returns &c. |
| 203.
| | Breach of secrecy and other matters to be offences. |
| 204.
| | Penal provisions relating to fraud &c. |
| 205.
| | Tax to be payable notwithstanding any prosecution or conviction for an offence under this Act. |
| 206.
| | Prosecution to be with the sanction of the Commissioner- General. |
| 207.
| | Admissibility of statements and documents in evidence. |
| 208.
| | Officers. |
| 209.
| | Official Secrecy. |
| 210.
| | Inland Revenue Incentive Fund |
| 211.
| | Commissioner- General may pay rewards to informants. |
| 212.
| | Regulations. |
| 213.
| | Forms. |
| 214.
| | Power to search buildings or places. |
| 215.
| | Power to search business premises. |
| 216.
| | Sinhala text to prevail in case of inconsistency. |
| 217.
| | Interpretation. |
| 218.
| | Application of the Inland Revenue Act, No. 38 of 2000. |