Ascertainment of Taxable Income. Statutory allowance and qualifying payments. Statutory allowance

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1 Ascertainment of Taxable Income Statutory allowance and qualifying payments Statutory allowance The statutory allowance for any individual would be Rs. 500,000. This is a tax free allowance given to all the citizens of Sri Lanka whether resident or not. Therefore in order to charge income tax an individual should have an income in excess of Rs. 500,000. Allowance for qualifying payments 1

2 2

3 As per the schedule 10 above and the Section 33 and 34 of the Inland Revenue act no 10 of 2006 and the amended acts, we can identify 16 categories of qualifying payments. A. Donations to the government Under this, donations to following organizations of persons are considered as qualifying payments. i. The government of Sri Lanka ii. A local authority iii. Any higher educational institute established or deemed to be established under the Universities Act, No. 16 of 1978 iv. The Buddhist and Pali University or any higher educational institute established by or under the Buddhist and Pali University Act. No 74 of 1981 v. A fund established by the government of Sri Lanka. vi. A fund established by a local authority and approved by the Minister. vii. A fund established by a Provincial council and approved by the Minister. viii. The Sevana fund created and administered by the National Housing Development Authority established by the National Housing Development Authority Act, No 17 of ix. The Api Wenuwen Api fund established by Api Wenuwen Api Fund Act, No 6 of 2008 Here you are allowed to claim any amount of donation paid to the above persons in a financial year as a qualifying payment, as well as carry forward any claimed donations to be set off against future assessable profits. B. Premium paid for Special Health Insurance Any accrued premium paid been due for special health insurance policy to cover any incurable decease is deemed to be a qualifying payment. There is no limit for this claim. C. Expenditure on government development plan Any expenditure or investment made on a project included in the development plan of the government is considered a qualifying payment, subject to - Prior written approval from the minister - In accordance with such terms and conditions as specified by the minister having regard to the development priorities of the government. Here the maximum deduction from the assessable income would be Rs.25,000 in a year of assessment. Any unclaimed balances can be carried forward to be set off in the next year and so on. 3

4 D. Donations to approved charities. Any donation to an approved charity (approved by the minister and published in the gazette) which is established to provide institutionalized care for sick and needy is deductible as a qualifying payment. E. Premium paid on Life and Medical insurance - Life insurance policies not being pure endowment policy, with premium payable annually over a period of not less than 3 years. - Medical insurance other than (B) above. Payment should be with in Sri Lanka. Maximum deductible in a year of assessment for D & E - Rs. 75,000 or - 1/3 rd of assessable income, whichever is lower No carry forward of unclaimed donations or premiums F. Expenditure on Film production Any expenditure incurred on films produced after Rs. 25,000,000 or on films produced after Rs. 35,000,000 can be claimed as qualifying payments. Any unclaimed amounts can be carried forward into the future. G. 50% of the Investments in venture capital companies which enjoy a tax holiday. 1/3 rd of the investment or assessable income, whichever is lower. H. Investment s in BOI approved companies under section 31 (2), prior to unclaimed balances. 1/3 rd of assessable income I. Expenditure on construction of cinema and equipping a cinema. Up to a maximum of Rs. 25 million, unclaimed amounts can be carried forward. J. Up grading and refurbishing of a cinema. Up to a maximum of Rs. 10 million can be claimed, unclaimed balances can be carried forward. 4

5 K. Investment made in any undertaking for the construction and sale of houses for the lower income families. - Should be approved by the Urban Development Authority or National Housing Authority. - Floor area of each house should not exceed 500sqft. No limit to the claim and the unclaimed balances can be carried forward to be set off in the next year and so on. L. Expenditure on house constructed or purchased before The unclaimed brought forward balance can be set off subject to a limit of 01. Rs. 100,000 or 02. 1/3 of assessable income whichever is lower. M. Expenditure on community development project in an economically marginalized village as identified and published in the gazette by the commissioner general. Subject to maximum of Rs. 1 million no carry forward N. Investment not less than Rs. 50,000,000 in fixed assets in the expansion of certain undertakings. Subject to a limit of 25% of the payment, Excess can be carried forward. O. Investment in manufacturing business made after % of the total payments, excess can be carried forward P. Allowance on employment income, other the payments under section 4(1)(d). Rs. 100,000 or excess employment income over Rs. 500,000 whichever is lower Order of priority First claim the statutory allowance. Next the qualifying payments not eligible for carry forward Finally qualifying payments which are eligible to be carried forward 5

6 Ascertainment of Assessable income Deductible losses on trade, business, profession or Vocation and Interest, Annuities, Royalties and Ground rent paid 6

7 1. Deductible losses on trade, business, profession or vocation (Schedule 8) Losses on trade, business, profession or vocation can be deducted on the following basis. - Total losses incurred during the year XXX - Unclaimed losses brought forward from prior years (if any) XXX Rs. A. Total Losses XXX B. 35% of statutory income XXX - Deductible loss lower of A and B XXX Balance losses not deducted can be carried forward. Other condition is, Profits of such trade should be taxable under the act. However no losses can be claimed from employment income. Ex. Mr. Perera had an employment income of Rs. 550,000(PAYE Rs deducted by the employer) rent income of Rs. 230,000 and net dividend income of Rs. 90,000 for the financial year 2013/14. In addition he was a partner at a private Montessori school, which had tax adjusted trading profit of Rs. 2,000,0000 of which he is entitle to a 50% share. The partnership has paid tax at the rate of 8%. Mr. Perera also had brought forward trading losses from previous years amounting to Rs. 1,256, He has paid Rs. 84,000 as Life insurance premiums and donated Rs. 50,000 to an approved charity during the year. Calculate the income tax payable by Mr. Perera 7

8 Annuities In order to be deducted from statutory income, an annuity payment should have the following characteristics. i. It must be made with reference to the year though it may be paid in periodic installments. ii. Not be a receipt or accrual of a capital nature to the payee. iii. Be made under a legal obligation. iv. Be either recurrent or capable of recurrence. v. Be pure income or profit of the payee. Ex. J.M. Rajaratnam V CIR CIT v Cowasjee Nilgiriya CIR v D.B.J. De Silva Ground Rent These payments are created when free hold piece of land or a building is sold on a long lease. Royalties A royalty is a usage based payments made by one party (the licensee) to another (the licensor) for the right to ongoing use of an asset, including an intellectual property. Royalties are generally agreed as a percentage of gross or net revenues derived from the use of an asset or fixed price per unit sold of an item. Interest Following conditions should be satisfied in order to claim Interest as a deduction from statutory income. i. Loan proceed should have been utilized for the construction of any building or for the purchase of any site for the construction of any building. ii. The above condition in (i) should for the purpose of trade, business, profession or vocation. iii. Paid to a bank licensed under the Banking Act or approved finance company or any other person recognized by the commissioner general. Recipient of such interest should declare such interest as income. *** Any excess annuity, royalty, ground rent or interest paid over the statutory income for a year of assessment shall be treated as a trading loss which can be claimed in the succeeding years of assessment. 8

9 Ex. Dr. Ben had employment income of Rs. 640,000( PAYE Rs. 2,000 deducted) and rent income of Rs. 1,200,000 for the financial year In addition he had profit from distribution business of Rs. 600,0000, net dividend received from ABC Ltd, Rs. 180,000 and professional income from private medical practice of Rs. 480,000 for the same year. He had carry forward unclaimed losses from the distribution business of Rs. 1,300,000 During year he has made the following payments. - Donation to Api Wenuwen Api fund Rs. 50,000 - Donation to an approved charity Rs. 50,000 - Premium on special insurance policy to cover incurable deceases Rs. 100,000 - General life and medical insurance premium of Rs. 60,000 - Rs. 5,000 per month paid to his spouse under a duly executed deed of separation. Calculate Mr. Ben s gross tax and the final tax payable. Ascertainment of Statutory Income As per the main income tax computation we have identified the following sources of income, in order to calculate the statutory income. i. Income from employment ii. Income from trade, business, profession or vocation iii. Net annual value and rent income iv. Dividends v. Interest vi. Annuities, Royalties etc vii. Income from any other source Income from any other source This is effectively catching all close. That is income which do not fall into any other category will be charged under this. However profits of a casual and non recurring nature should not be included. Cases Wickramasingha v CIT CIR v C.S.A. Namasivayam Chettiar 9

10 Annuities, Royalties etc Annuities In order to be added to the statutory income, an annuity payment should have the following characteristics. i. It must be made with reference to the year though it may be paid in periodic installments. ii. Not be a receipt or accrual of a capital nature to the payee. iii. Be made under a legal obligation. iv. Be either recurrent or capable of recurrence. v. Be pure income or profit of the payee. Ex. J.M. Rajaratnam V CIR CIT v Cowasjee Nilgiriya CIR v D.B.J. De Silva Royalties - Person paying such annuity shall deduct 10% from the annuity paid if the payment is in excess of Rs. 50,000 per month or Rs. 500,000 per year. (other than for annuities paid to a person aged 60 year or over) - If the annuity is paid to a non resident person 20% withholding tax, shall be deducted. - Withholding certificate shall be issued to the recipient and he can claim the tax deducted as a tax credit. A royalty is a usage based payments made by one party (the licensee) to another (the licensor) for the right to ongoing use of an asset, including an intellectual property. Royalties are generally agreed as a percentage of gross or net revenues derived from the use of an asset or fixed price per unit sold of an item. - Person paying such Royalty shall deduct 10% from the Royalty paid if the payment is in excess of Rs. 50,000 per month or Rs. 500,000 per year. (other than for exempt royalties) - If the royalty is paid to a person outside Sri Lanka person 20% withholding tax, shall be deducted. - Withholding certificate shall be issued to the recipient and he can claim the tax deducted as a tax credit. Exempt royalties 1) Royalty received in foreign currency from outside Sri Lanka. 2) Receipt of royalty by a non resident person from BOI company where the agreement was entered before

11 ****Other sources of income such as discounts or premiums will also be taxable as separate sources of income. Interest income Interest income could arise for the investments including the following 01. Deposits with banks or financial institutions 02. Debt securities 03. Loans Computation of interest income should be on 01. Accruals basis. 02. Receipt basis if there is a condition to say that no interest will be payable before the maturity. 03. Irrecoverable interest should be excluded. Banks and financial institutions will deduct withholding tax at the rate of 10%, 2.5% or 0% depending on the disclosed income of the recipient of interest. Interest income which was subjected to WHT will not of the assessable income in the hands of the recipient if the recipient is an individual. The person who deducts the withholding tax should issue a certificate of tax deduction, where the recipient can claim tax credit. Exempt Interest a) Interest on special account, with the approval of Central Bank opened with funds obtained by exchange of foreign currency held outside Sri Lanka. b) Interest on FCBU accounts c) Interest on foreign currency account d) Interest to senior citizens over the age of 60 years up to Rs. 500,000 is exempt from tax, if those deposits are held in the state banks. e) Interest from Reconstruction Bond. f) Interest from Sri Lanka nation building bond. g) Interest from Motherland developments bonds. h) Interest from Investment made outside Sri Lanka. i) Interest to person outside Sri Lanka from loan granted to a person in Sri Lanka. j) Interest on Treasury bond investment External Rupee account. 11

12 Ex. Mr. Shantha s income and expenses for the year of assessment 2013/14 are as follows he is 61 years of age. - Taxable employment income Rs. 720,000 ( PAYE Rs. 5,000 deducted by employer) - Gratuity and retirement benefits received, at retirement Rs. 2,500,000( Retired after 18 years of service at ABC Bank Plc) - Trading profit adjusted for tax from tea estate in Bandarawela, Rs. 860,000 - Rent income Rs. 680,000 - Loss from the tourist guest house in Kandy Rs. 852,000 - Dividend received Rs. 360,000 from PQ Plc (Net) - Interest paid to Lanka Development Bank for loan obtained to construct the tourist guesthouse in Kandy Rs. 248, Medical and life insurance premiums paid Rs. 90,000 - Annuity received for the sales of partnership share in a consultancy firm which Mr. Shatha was partner 5 year ago. This was a legally binding contract for repayment of partnership share on an annual basis of Rs. 100,000 per annum. - Mr. Shantha s tax Liability for 2012/13 was Rs. 200,000. Income installments paid for the tax year 2013/14 was as follows. First installment on the due date, 2nd installment 40 days before the due date, 3 rd installment 10 days before the due date, 4 th installment 35 day before the due date. You may assume that Mr. Shantha has claimed the early payment discount where ever possible. Calculate Mr. Shantha s Gross income tax and the final tax payable/refund claimed. Dividend Income Dividends may be paid in the following forms Money or an order to pay money Shares in any other company Debentures in that company or any other company Script dividend Dividends are subjected to 10% WHT unless the dividend is paid out of dividends received form another company. Dividends paid to certain identified shareholders will be tax free. - Dividends of certain BOI company which enjoy tax holidays may also be exempt from tax. - Dividends from unit trusts or mutual funds are also exempt. - Foreign dividends received will also be exempt. Certain dividends are taxable at reduced rates. 12

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