75.
| (1) For the purposes of this Act, every unit trust and every mutual fund shall be deemed to be a company resident in Sri Lanka and accordingly the provisions of this Act, relating to companies resident in Sri Lanka shall, mutatis mutandis, apply to every unit trust and every mutual fund. |
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| (2) Without prejudice to the generality of the provisions of subsection (1) -
| | (a) a "unit" in any unit trust or a mutual fund shall be deemed to be a "share" in that company; | | |
| | (b) a unit holder in any unit trust or mutual fund shall be deemed to be a shareholder in that company; | | |
| | (c) the profits and income derived by or which arose or accrued to the benefit of, the trustee of any unit trust or the custodian of any mutual fund from any property subject to that unit trust or mutual fund or from any trade or business carried on by such trustee or such custodian for, or on behalf of, that unit trust or mutual fund shall be deemed to be the profits and income of that company; | | |
| | (d) any distribution, in any manner whatsoever, of the profits or income of any unit trust or mutual fund to its unit holders shall be deemed to be a dividend distributed to the shareholders of that company; and | | |
| | (e) the paid up value of any unit in any unit trust or mutual fund shall be deemed to be the paid up value of any share in that company. | | |
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| (3) Any sum appropriated or paid by way of remuneration to the manager or the trustee of any unit trust or to the manager or custodian of any mutual fund out of the funds of that unit trust or mutual fund shall, for the purposes of section 25 be deemed to be outgoings and expenses incurred by that company in the production of its income. |
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| (4)Such part of the taxable income of any unit trust or mutual fund as consists of profits and income from the business of dealing in shares or debt instruments in accordance with the Securities and Exchange Commission of Sri Lanka Act, No. 36 of 1987 or any regulations or rules made thereunder, shall be chargeable with income tax at the rate specified in item 2 (a) of part A of the Second Schedule to this Act. |
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Sri Lanka Consolidated Acts