32. The Seventh Schedule to the principal enactment is hereby repealed and the following Schedule substituted therefor :- The rates of advance company tax for every year of assessment commencing on or after April 1, 1998, but prior to April 1,1992, shall be as follows :"
| (i) On the amount equal to the amount of every qualifying distribution made by a small company 25 per centum |
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| (ii) on the amount equal to the amount of every qualifying distribution made by a quoted public company or a people's company 33 1/3 per centum |
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| (iii) on the amount equal to the amount of every qualifying distribution made by a unit trust or mutual fund or a company, other than a small company, or a quoted public company or a peoples company . . 50 per centum |
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The rate of advance company tax for the two years of assessment commencing respectively on April 1, 1992 and April 1, 1993 shall be as follows : "
| (i) on the amount equal to every qualifying distribution made by a small company 25 per centum |
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| (ii) on the amount to every qualifying distribution made by a quoted public company or a people's company 33 1/3 per centum |
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| (iii) on the amount equal to the amount of every qualifying distribution made by a unit trust or mutual fund or a company other than a small company or a quoted public company or a people's company 40 per centum. |
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The rates of advance company tax for every year of assessment commencing on or after April 1, 1994, shall be as follows: "
| (i) On the amount equal to the amount of every qualifying distribution made by a unit trust or mutual fund or any other company .. 27 per centum |
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| (ii) On the amount equal to the amount of every qualifying distribution made by a company out of the profits which are taxed in accordance with the provisions of section 32H or section 32K 8 per centum. |
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| (iii) On the amount equal to the amount of every qualifying distribution made by a company out of the profits which are taxed in accordance with the provisions of section 32F 5 per centum |
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Sri Lanka Consolidated Acts