Inland Revenue Act (No. 10 of 2006)

Sri Lanka Consolidated Acts

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Inland Revenue Act (No. 10 of 2006) - Sect 45

Rates of income tax on profits from certain undertakings carried on by a person other than a company

45.

(1) Where the taxable income of any person other than a company for any year of assessment includes any profits and income within the meaning of paragraph (a) of section 3 from any -

	(a) agricultural undertaking;

	(b) undertaking for the promotion of tourism ; or

	(c) undertaking for construction work ,

(2) For the purposes of subsection (1)-

(a) "agricultural undertaking" includes any undertaking for-

(i) fishing; and

(ii) provision of the services of management to any undertaking for cultivating land with plants of whatever description ;

(b) profits and income from any agricultural undertaking means -

(i) in the case of an undertaking referred to in sub-paragraph (ii) of paragraph (a), the profits and income from fees for providing the services of management; and

(ii) in any other case, the profits and income from the sale of produce of such undertaking without subjecting such produce to any process of production or manufacture;

(c) "undertaking for construction work" means an undertaking carried on by a resident person for the construction of any -

(i) building;

(ii) roads or bridges; or

(iii) water supply, drainage or sewerage system;

(d) "undertaking for the promotion of tourism" means an undertaking for the operation of -

(i) any hotel or guest house approved by the Ceylon Tourist Board;

(ii) any restaurant graded by the Ceylon Tourist Board as being in "Class A" or "Class B";

(iii) any business of travel agent;

(iv) any business of transporting tourists; or

(v) any business approved by the Ceylon Tourist Board for providing facilities for recreation or sports.

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