Inland Revenue Act (No. 38 of 2000)

Sri Lanka Consolidated Acts

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Inland Revenue Act (No. 38 of 2000) - Sect 39

Rate of income tax on profit from certain undertakings earned on by a person other than a company

39.

(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 :

(ii) cultivating land with plants of whatever description ; and

(iii) provision of the services of management to am undertaking for cultivating land with plants of whatever description.

(b) "any 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 ; or

(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 :

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

(i) in the case of an undertaking referred to in sub-paragraph (iii) 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 :

(d) "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 systems.

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