| 37. Every resident company shall deduct from the amount of any dividend which becomes payable to any non-resident company during any year of assessment (in this section referred to as " the relevant dividend") :
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| (a) if the relevant, dividend consists of any part of the amount of a dividend received by such resident company from another resident company, not being part of the amount of a dividend exempt from income tax under this Act, income tax equivalent to five per centum of the amount of such relevant dividend increased by fifty per centum where the dividend is payable on or before March 31, 1980, and increased by twenty-five per centum where the dividend is payable on or after April 1, 1980 ; | | |
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| (b) if the relevant dividend is not a dividend exempt from income tax under this Act, and does not consist of any part of the amount of a dividend received by such resident company from another resident company, income tax equivalent to five per centum of such relevant dividend; | | |
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| (c) if the relevant dividend is paid out of the amount of a dividend received by such resident company, being a dividend exempt from income tax under this Act, income tax equivalent to five per centum of the amount of such relevant dividend ; and | | |
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| (d) if the relevant dividend is paid out of the amount of a dividend received by such resident company from a quoted public company, income tax equivalent to five per centum of the amount of such relevant dividend : | | |
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Sri Lanka Consolidated Acts