Social Functions of Taxation
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According to residency rules, a company is considered a resident in Sri Lanka if

  • its principal office is located outside Sri Lanka
  • it is registered in a country other than Sri Lanka
  • it is incorporated under the laws of Sri Lanka
  • its management and control is exercised in Sri Lanka at any time during the year (correct)
  • During the year of assessment 2018/19, how many days did Mr. Philip spend in Sri Lanka?

  • 150 days
  • 185 days (correct)
  • 120 days
  • 200 days
  • What is the primary source of income considered for a year of assessment?

  • Employment income (correct)
  • Investment income
  • Other income
  • Business income
  • What type of income does not include profits of a casual and non-recurring nature?

    <p>Other income</p> Signup and view all the answers

    Which of the following is NOT a condition for a company to be considered a resident in Sri Lanka?

    <p>Incorporated in a country other than Sri Lanka</p> Signup and view all the answers

    What is the total number of days Mr. Philip spent in Sri Lanka?

    <p>185 days</p> Signup and view all the answers

    A company's management and control can be exercised in Sri Lanka for

    <p>at any time during the year</p> Signup and view all the answers

    What type of income includes gains and profits from conducting a business?

    <p>Business income</p> Signup and view all the answers

    A person's income from an investment for a year of assessment is

    <p>the person's gains and profits from conducting the investment</p> Signup and view all the answers

    What is NOT a condition for a person to be considered a resident in Sri Lanka?

    <p>incorporated under the laws of Sri Lanka</p> Signup and view all the answers

    According to the residency rules, a person's income from other sources of assessment is

    <p>the person's gains and profits from any source of any kind</p> Signup and view all the answers

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