11. There shall be exempt from income tax-
| (a) any dividend paid by a company with which an agreement has been entered into by the Greater Colombo Economic Commission under section 17 of the Greater Colombo Economic commission Law, No. 4 of 1978-
| | (i) to any person, during the period for which the profits and income of that company are exempt from income tax under the terms of that agreement or within one year there- after, out of the profits and income of the company which are exempt from income tax ; | | |
| | (ii) to any person, who is not resident in Sri Lanka ; | | |
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| (b) any dividend paid to shareholders of a company out of such profits and income of that company arising on or after April 1, 1977, which are exempt from income tax under sections 16, 17, 18, 19, 20, or 21 of this Act or under the Inland Revenue Act, No. 4 of 1963, if such dividend is paid during the period for which such profits and income of that company are exempt from income tax under any of those provisions or within one year thereafter. |
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Sri Lanka Consolidated Acts