48.
| (1) The profits and income within the meaning of paragraph (a) of section 3 of any company referred to in section 18, or section 22 of this Act, for any year of assessment commencing after the expiry of the period during which the profits and income of such company are exempt from income tax shall, notwithstanding anything contained 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) The profits and income within the meaning of paragraph (a) of section 3 of any company referred to in section 17, or section 19, shall, notwithstanding anything to the contrary 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 rate of ten per centum; | | |
| | (b) every year of assessment commencing after the expiry of the period referred to in paragraph (a) -
| | | (i) if such company is a company engaged in agriculture or the export of non-traditional products, be taxed at fifteen per centum; and |
| (ii) if such company is a company other than a company engaged in agriculture or the export of non-traditional products, be taxed at twenty per centum. |
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Sri Lanka Consolidated Acts