Other Conditions. - Investment to be made between 1 April 2011 and 31 March 2015.

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1 N Sri Lanka Tax Alert 21 August 2012 [Issue ] In this issue of the tax alert, KPMG examines and provides a synopsis of noteworthy legislative changes introduced via Income Tax Amendment Act No. 8 of This tax alert is issued exclusively for the information of clients and should not be used or relied upon as a substitute for detailed advice or a basis for formulating business decisions. Incentive regimes 1. Exemption from Income Tax 1.1 New undertakings Small Scale Undertakings - Effective from 1 April 2011 Qualifying Activities Other Conditions Tax Holiday Agriculture Animal husbandry Fishing ( including processing) Creative work ( including work of an artist) Information Technology - Minimum investment of Rs. 25mn and not exceeding Rs. 50mn. - Investment into land, plant, machinery, equipment and other fixed assets. - Investment to be made between 1 April 2011 and 31 March Undertaking to commence commercial operations on or after 1 April years 1

2 Medium Scale Undertakings - Effective from 1st April 2011 Qualifying Activities Other Conditions Tax Holiday Agriculture, animal husbandry, fishing Manufacture of any article (including of the processing of such article), other than any liquor or any tobacco product Provision of service of information technology Software development Business process outsourcing Knowledge process outsourcing Provision of healthcare services Provision of educational services Provision of beauty care services Cold room and storage facility Tourism Fitness centre services or providing facility for sports Creative work including work of an artist Mini hydro projects - Investment Criteria 50 Mn to 100Mn 100 Mn to 200Mn Not less than 200Mn - Sum must be invested into land, plant, machinery, equipment and other fixed assets. - Investment must be made between 1 April 2011 and 31 March Undertaking must commence commercial operation on or after 1 April Minimum value addition of 35% If more than 50% of the production is to the domestic market. 4 years 5 years 6 years 2

3 Large Scale Undertaking- Effective from 1st April 2011 Qualifying Activity Manufacture of Infrastructure projects including Provision of any - Boats construction or sanitation facility - Pharmaceutical commercial or waste - Tires and tubes buildings management - Motor spare system parts Cultivation of food - Furniture Provision of crops or industrial - Ceramics services to person crops - Glassware or or partnership other mineral Animal husbandry outside Sri Lanka, based products in relation to dairy, for payment - Rubber based poultry, swine, goat where the total products etc amount or such - Cosmetic payment shall not products - Edible products Forestry be less than 70% in convertible manufactured out of locally Horticulture foreign currency cultivated agricultural Tourism or tourism Hotels, guest products related projects houses or similar - Construction Import Replacement services materials or Power generation electrical or Large scale under using taking- renewable Effective from 1st Development April 2011 of electronic goods resources water services Qualifying conditions - Commence commercial operation on or after 1 April Investment criteria : 300 Mn to 500Mn 500 Mn to 700Mn 700 Mn to1000mn 1000 Mn to1500mn 1500 Mn to 2500Mn More than 2500Mn Tax Holiday 6 years 7 years 8 years 9 years 10 years 12 years Manufacture, production or processing of non- traditional goods for exports, including deemed exports which shall constitute not less than 90% of the total production and in the case of apparels 70% the total production Development of any ware housing or storage facility Sporting services (i.e motor racing or golf course) Artificial insemination for cattle ( diary development) Establishment of industrial estates, special economic zones or knowledge cities Urban housing or town centre development Provision of educational services Any project in light or heavy engineering industry Information technology Business or knowledge process outsourcing Software development Development of internal water ways, or related transport (Goods or passengers) Construction of hospitals and provision of health care services Repair of aircrafts or maritime vessels or ship breaking Any other activity as may be prescribed by the Minister taking into consideration the development of national economy 3

4 Import Replacement Qualifying Activities Other Conditions Tax Holiday Manufacture of Fabric Pharmaceutical Milk powder Cement - Investment Criteria: USD 5 Mn USD 10 Mn USD 30 Mn USD 50 Mn - The undertaking should be established on or after 1 April years 1.2 Sources of Income Interest on foreign loans Interest accruing to any non-resident company, partnership or other body of persons outside Sri Lanka on a loan granted to the Government of Sri Lanka or any public corporation or government institution or commercial bank in Sri Lanka or any other undertaking Interest on government securities Interest accruing to a non resident person or partnership on any security, note or coupon issued by the Government of Sri Lanka in respect of a foreign currency loan granted on or after 1 st April Royalty Royalty received by a resident Sri Lankan in foreign currency through a bank from outside Sri Lanka. Dividend Dividends out of specified exempt profit declared during the tax exempt period. Specified exempted profits refer to profits accruing to an exempt undertaking referred to under paragraph 1.1 (other than any undertaking for import replacement) of this note. The exemption is limited to the initial distribution. Redemption of units Profits accruing from the redemption of units of a Unit Trust or a Mutual Fund. Foreign Trainer Income which a non citizen trainer brought to Sri Lanka derives as trainer of any sport. 4

5 Administration of a Sport Grounds Profits arising from the administration of any sports ground, stadium or sport complex. Charitable Institutions Place of Public Worship The Net Annual Value of any place of public worship or premises used solely for that purpose and income from property donated before specified date to such institutions. Amendment effective from the 1 st April Institutional Exemptions Profits (other than interest and dividend) of the following institutions have been exempted from tax, The Institute of Certified Management Accountant of Sri Lanka established by the Institute of Certified Management Accountant of Sri Lanka Act No.23 of Fund established by the National Child Protection Authority Act No. 50 of Existing Exemptions Amendments to conditions Amendments were introduced last year to place a time bar on exemptions to for specified undertaking carried on by companies, mainly relating to agriculture / industrial and pioneering undertakings. Amendments have now been introduced to place a cut-off date of 31 March 2012 for the making of investment and issue of gazette A time limitation for the making of investment has been introduced to 31 March 2012 for specified undertakings in infrastructure development. 2. Investment Relief for Expansion Expansion in certain existing undertaking by way of investment in fixed assets would be eligible for qualifying payment relief in the determination of taxable income subject to mandated conditions (refer section 4.3) 5

6 3. Tax Rates 3.1 Concessionary Rates Specified Profits Proposed Prevailing Profits from the construction of any harbor, airport and any infrastructure project in telecommunication or electricity. 12% 28% An existing company engaged in the following activities subject to meeting the following investment criteria on or after 1 April Activity Fabric Pharmaceutical Milk powder Cement Investment (US$) 5 mn 10 mn 30 mn 50 mn 12% 28% The concessionary rate will apply for 5 years from the time of meeting the minimum investment criteria. Any new import substitution undertaking qualifying for income tax exemptions after the expiry of the tax holiday. Profits from any new branch established by a commercial bank after 21 November 2011, solely engaged in development banking. 12% N/A 24% 28% Profits from Research and Development activities carried on by - An individual - A corporate 16% 20% Progressive rate not exceeding 24% 28% Profits from the provision of health care services 12% 28% Profits accruing to a grower or manufacturer of tea sold to a joint venture through the Colombo auction to be used in the manufacture of value added tea with a Sri Lankan brand name for export 12% 28% Profits on the local manufacture of handloom products 12% 28% 6

7 3.2 Withdrawal of Concessionary Tax Rates The concessionary income tax rate available to specified undertakings that derive an annual turnover not exceeding Rs. 300 Mn of 10% is to be withdrawn from any company that belongs to a group of companies. 3.3 Revision of Tax Rates Specified Persons Proposed Prevailing Hindu Undivided Families 24% 30% Executors (other than trustees under last wills) and Receivers (other than liquidators) 24% 30% Trustees (including trustees under last will) 24% 30% Partnerships 24% 30% Governments (excluding Sri Lanka & United Kingdom) 28% 30% Business undertaking vested in government 28% 30% Any other person not specifically referred to 28% 30% Amending provision suggest that revisions would be effective from 1 April However, the provisions are legally operative only from the 1 st of April

8 4. Determination of Income Chargeable to Tax 4.1 Profits from Business - Expense Deductions Expense Revision Capital Allowances Construction Equipment Capital allowance on construction equipment would qualify for depreciation at 33-1/3%. Previously the rate applicable was 25%. Energy Efficient Equipment Any high tech plant, machinery or equipment acquired for energy efficiency purposes entitled to capital allowances at 50%. The rate previously stood at 33-1/3%. Research & Development Cost Travelling Cost Maintenance or Management Cost Foreign Travel Any costs incurred on research carried out through any government institution would qualify for a triple deduction Any private travel cost of any employee could be deducted even though such may not be taxable on the employee as a employment benefit. Any expenditure incurred for the maintenance or management of any sports grounds, stadium or sports complex is entirely tax deductible Any expenditure incurred by a company engaged exclusively in services relating to design development, product development or product innovation is to be allowed in full. 4.2 Further Deductions Pre-operational expenses An undertaking that derives an annual turnover of not less than Rs. 500 Mn in the first year of commercial operation is entitled to claim pre-operational expenses incurred (excluding capital cost) in the preceding year in full against its business profits. 8

9 4.3 Qualifying Payment Relief The under mentioned would qualify for relief in the determination of taxable income. Specified Payments Conditions Relief Community development project expenditure Relevant to a economically marginalized village Project must be identified by gazette notification Rs 10 mn for companies Rs 1 mn for any other person Cost of expansion Category 1 Investment not less than Rs. 50 mn In fixed assets between 1 April 2011 and 1 April 2015 Undertaking would have qualified for exemption under Section 16C or 17A if it commenced business on or after 1 April Annual deduction of 25% of investment Effective from 1 st April 2011 Category 2 Undertaking engaged in the manufacture of the following products and satisfy the following investment criteria US$ Fabric 5 Pharmaceutical 10 Milk powder 30 Cement 50 Annual deduction of 25% of investment Investment would have qualified for a tax holiday if it had commenced to carry on business on or after 1 April

10 5. Administrative Provisions 5.1 Specified Documents Accompanying Return Any company that belongs to a group of companies, where any one company is listed or derives annual turnover of Rs. 250 mn or a net profit of Rs. 100 mn would be required to submit a detailed tax computation together with the specified schedules and certificate of an approved accountant. 5.2 Investment Fund Account Provisions have been introduced to require financial institutions for a period of 3 years to remit 5% of its taxable income with self assessment payments to the Investment Fund Account. 5.3 Notice of Employment The remuneration threshold which requires an employer to give notice to the Department of Inland Revenue has been increased from Rs. 25,000 per month to Rs. 50,000 per month. 5.4 Definition of Dividend The amending law has sought to widen the definition of a dividend to include a scrip or specie distribution. The definition of dividend would now include, any distribution of profit by a company to its shareholders in the form of money or of an order to pay money shares in any other company, or debentures in that company or in any other company; and scrip dividend or any dividend in specie Except stated otherwise, all amendments are effective from 1 st April

11 Contact us Head of Tax Premila Perera Partner T: E: International Corporate Tax Services Premila Perera Partner Head of Tax T: E: Suresh Perera Principal T: E: Shamila Jayasekara Partner T: E: International Executive Services Premila Perera Partner Head of Tax T: E: Indirect Taxation Services Suresh Perera Principal T: E: Global Tax Outsourcing Shamila Jayasekara Partner T: E: Global Transfer Pricing Services Premila Perera Partner Head of Tax T: E: Shamila Jayasekara Partner T: E: The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation KPMG, a Sri Lankan Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, 2012 KPMG, a Sri a Lankan Swiss Partnership entity. and All a member rights firm reserved. of the KPMG The network KPMG of independent name, member logo and firms cutting affiliated with through KPMG International complexity Cooperative, are registered trademarks or trademarks of KPMG International. 11

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