15. Section 38 of the principal enactment is hereby amended as follows : "
| (1) by the substitution, in subsection (1) of that section, for the words and figures, '"' income tax equal to , thirty-three and one-third per centum where the dividend is payable on or before March 31, 1980 and income tax equal to twenty per centum where the dividend is payable after April 1, 1980", of the words and figures, income tax equal to,
| | (a) thirty three and one third per centum, where the dividend is payable on or before March 31, 1980; | | |
| | (b) twenty per centum, where the dividend is payable on or after April 1, 1980, but prior to April 1, 1990 ; and | | |
| | (c) fifteen per centum, where the dividend is pay- able on or after April 1, 1990 " ; | | |
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| (2) in subsection (2) of that section, by the substitution for paragraph (f) of the following paragraph : "
| | " (f) advance company tax paid by other resident companies in rein Lion to such part of that dividend as is paid out of a dividend referred to in sub-paragraph (ii), or (iii), or (iv) of paragraph (d). " ; and | | |
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| (3) in subsection (3) of that section,
| | (a) by the substitution in paragraph (a) of that subsection, for the words, " an amount equal to the said fifty per centum; and ", of the words, ' an amount equal to the said fifty per centum "; | | |
| | (b) by the substitution for paragraph (b) for, of the following paragraph : "
| | | " (b) for any year of assessment commencing on or after April 1, 1980, but prior to April 1. 1990, be increased by twenty-five per centum and he shall be entitled to deduct from the tax payable by him, an amount equal to the said twenty-five per centum, and " ; and |
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| | (c) by the insertion, immediately after paragraph (b) of that subsection, of the following new paragraph : "
| | | " (c) for any year of assessment, commencing on or after April 1, 1990, be increased by three-seventeenth per centum and he shall be entitled to deduct, from the tax payable by him, an amount equal to the said three-seventeenth per centum." |
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Sri Lanka Consolidated Acts