9. Section 22DD of the principal enactment is hereby amended as follows : -
| (1) by the repeal of paragraph (i) of subsection (1) of that section and the substitution of the following paragraph therefor:
| | " (i) incorporated on or after April 1, 1983, but prior to April 1, 1984 with not less than ninety-five per centum of its capital contributed, in the form of money or otherwise, by
| | | (b) any public corporation or body corporate ; and " ; and |
|
|
|
| (2) by the repeal of subsection (2) of that section, and the substitution, of the following subsection therefor :
| | " (2) The exemption referred to in subsection (1) shall cease when the profits and income of a company which are exempt from income tax under that subsection amount to a sum equal to twice the issued capital of that company as at March 31, 1984.". | | |
|
|
|
Sri Lanka Consolidated Acts