47.
| (1) Where the taxable income of any company carrying on the business of a specialized housing bank for any year of assessment 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 appropriate rate specified in the Fifth Schedule to this Act. |
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| (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 and which is engaged in lending money only for activities relating to residential housing. |
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Sri Lanka Consolidated Acts