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 Board of Investment of Sri Lanka under section 17 of the Board of Investment of Sri Lanka Law. No. 4 of 1978 being an agreement which has been entered into prior to December 31,1994. on an application made in that behalf prior to November 11, 1993-
| | (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 thereafter, 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 notwithstanding anything to the contrary in subsection (1) of section 48 ; | | |
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| (b) any dividend paid by a flagship company with which an agreement has been entered into by the Board of Investment of Sri Lanka to any shareholder 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 thereafter out of the profits and income of such company which are exempt from income tax ; |
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| (c) any dividend paid by a company with which an agreement has been entered into on or after November 8, 1995 by the Board of Investment of Sri Lanka under section 17 of the Board of Investment of Sri Lanka Law. No. 4 of 1978 to any shareholder of that company 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 thereafter out of the profits and income which are exempt from income tax ; |
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| (d) any dividend out of the profits of any company with which an agreement has been entered into by the Board of Investment of Sri Lanka under section 17 of the Board of Investment of Sri Lanka Law. No. 4 of 1978 from the operation by such company of a hospital with facilities for paying and non-paying patients for indoor and outdoor treatment, paid to any share holder of such company during the period of five years reckoned from the commencement of the year of assessment in which such hospital commences operations : |
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| (e) any dividend out of the profits within the meaning of paragraph (a) of section 3 of a company"
| | (i) with which an agreement has been entered into by the Board of Investment of Sri Lanka, under section 17 of the Board of Investment of Sri Lanka Law, No. 4 of 1978. and | | |
| | (ii) to which a mining license issued under the Mines and Mineral Act. No. 33 of 1992. has been assigned | | |
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| (f) any dividend paid to a shareholder 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 section 15, 17, 18, 19, or 20 of this Act or section 8(a) (xxxviii). 15, 16A, 16B, 16C, 16D, 17A, 17C, 17D, 17J, 17JJ, 17K, 17KK, 17L, 17M, 18, 19, 20, 20A, 20B, 20C, 21, 22, 22A, 22B, 22c, 22D, 22DDD or 22DDDD of the Inland Revenue Act. No. 28 of 1979 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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| (g) any dividend paid to a shareholder of a company. out of any such dividend received by that company as is referred to in paragraph (a) or (f), if the first-mentioned dividend is paid during any year of assessment in which the second-mentioned dividend was received by that company or within one year thereafter ; |
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| (h) any dividend paid to a shareholder of a company out of any such dividend as is referred to in paragraph (a) or (f), received by that company through one or more intermediary companies during the period for which the dividends referred to in paragraph (a) or paragraph (f) are exempt from income tax or within two years thereafter, if the first mentioned dividend is paid during the year of assessment in which the second mentioned dividend was received or within one year thereafter. |
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Sri Lanka Consolidated Acts