21. The following new sections are hereby inserted immediately after section 40 of the principal enactment and shall have effect as sections 40A and 40B respectively of that enactment :-
| 40A.
| | (1) Where the taxable income of any company carrying on the business of a specialized housing bank for any year of assessment commencing on or after April 1. 2002 includes any profits and income within the meaning of paragraph (a) of section 3 from such business such part of such taxable income as consists of such profits and income, shall, notwithstanding anything to the contrary in this Act, be chargeable with income tax at the rate of twenty per centum. | | |
| | (2) For the purposes of this section "specialized housing bank" means a licensed commercial or specialized bank within the meaning of the Banking Act, No. 30 of 1988 which is engaged in lending money only for activities relating to residential housing. | | |
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| 40B.
| | (1) The profits and income within the meaning of paragraph (a) of section 3 of any company referred to in section 21 B for any year of assessment commencing after the expiry of the period during which the profits and income of such company were exempt from income tax shall, notwithstanding anything contained in this Act, be chargeable with income tax at the rate of fifteen per centum. | | |
| | (2) The profits and income within the meaning of paragraph (a) of section 3 of any company referred to in section 21A, shall notwithstanding anything containing in this Act, for -
| | | (a) each of the two years of assessment immediately succeeding the period during which the profits and income of such company were exempt from income tax, be taxed at the rule of ten per centum ; |
| (b) every year of assessment commencing after the expiry of the period referred to in paragraph (a) -
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Sri Lanka Consolidated Acts