Volume VII

SURCHARGE TAX ACT

Arrangement of Sections

1. Short title.

2. Imposition of Surcharge Tax.

3. Tax return shall be furnished.

4. Default in payment of the tax.

5. Application of the certain provisions of the Inland Revenue Act, No. 24 of 2017.

6. Interpretation.

7. Sinhala text to prevail in case of inconsistency.

14 of 2022.

AN ACT to provide for the imposition of Surcharge Tax and for matters connected therewith and incidental thereto.

[Date of Commencement: 8th April, 2022]

1. Short title.

This Act may be cited as the Surcharge Tax Act.

2. Imposition of Surcharge Tax.

(1) There shall be levied, subject to the succeeding provisions of this Act, a tax to be called Surcharge Tax (hereinafter referred to as “the tax”) from—

(a) any individual, partnership or company, whose taxable income calculated in accordance with the provisions of the Inland Revenue Act, No. 24 of 2017, exceeds rupees two thousand million, for the year of assessment commenced on April 1, 2020, at the rate of 25 per centum on the taxable income of such individual, partnership or company, for such year of assessment:

Provided however, the income of a partner derived from a partnership shall not be taken into account when calculating the taxable income of such partner as an individual under this paragraph, if the tax has been paid by the partnership on such taxable income; and