15. The following new section is hereby inserted immediately after section 122A of the principal enactment and shall have effect as section 122B of that enactment :-
| 122B
| | (1) Any company which issues security to deduct income tax on interest which issues corporate debt security shall, subject to the corporate debt provisions of this Chapter, deduct at the time of payment the interest payable by such company deduct income where such payment lakes place on or alter November 1, 2002 on any sum of money subscribed by any person or partnership towards such debt security, whether such subscription has been made before or on or after November 1, 2002, income tax at the rate often percentum on the total amount of interest accrued and paid or credited on such debt security : | | |
| | (2) Where any discount is allowed or any other guaranteed income is paid on such debt security on or after November 1, 2002 such discount or income shall be deemed to be interest paid and be liable to the deduction of income tax accordingly. | | |
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Sri Lanka Consolidated Acts