42,
| (1) Where for any year of assessment the taxable income of any company referred to in subsection (2). includes any profits and income, within the meaning of paragraph (a) of section 3 there shall be deducted from the tax payable by that company for that year of assessment, an amount equal to five per centum of such part of such taxable income as consists of such profits and income. |
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| (2) The provisions of subsection (1) shall, apply to any company -
| | (a) which is a quoted public company for that year of assessment; and | | |
| | (b) in respect of which the Assessor is satisfied that, the number of persons registered in the share register of such company as shareholders is. at no time during that year of assessment, less than three hundred. | | |
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Sri Lanka Consolidated Acts