57.
| (1) The income tax to which a company which is not resident in Sri Lanka m any year of assessment shall be liable for that year of assessment shall consist of"
| | (a) a sum equal to the amount calculated at the rate specified in the Second Schedule ; and | | |
| | (b) where there are remittances of such company in that year of assessment a sum equal to"
| | | (i) thirty-three and one-third per centum of the aggregate amount of the remittances of such company, if the amount of such remittances are less than one third of such taxable income : or |
| (ii) eleven and one-ninth per centum of such taxable income, if the aggregate amount of such remittances are not less than one-third of such taxable income. |
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| (2) In subsection (1) "remittances" with reference to a non-resident company mean"
| | (a) sums remitted or retained abroad out of the profits of the company, such sums not including any dividends paid by a resident company to such non-resident company ; | | |
| | (b) such part of the proceeds of the sale abroad of products exported by that company as is retained abroad ; and | | |
| | (c)in respect of any products exported by that company and not sold in a wholesale market or not sold at all such part of the profits deemed under section 78 to be derived from Sri Lanka as is retained abroad. | | |
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Sri Lanka Consolidated Acts