Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsAmendment of section 48 of the principal enactment
| 29. Section 48 of the principal enactment is hereby amended in subsection (2) of that section by the addition, at the end of that section, of the following : " For the purpose of this subsection, the profits and income arising to a non-resident company from a unit of accommodation constructed with the approval of the Urban Development Authority (established by the Urban Development Authority Law, No. 41 of 1978) and comprised in a registered Condominium Property, within the meaning of the Apartment Ownership Law, No. 11 of 1973, shall be deemed not to be profits and income derived by that company from immovable property.". |