Sri Lanka Consolidated Acts

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Inland Revenue Act (No. 38 of 2000) - Sect 43

Deduction from tax payable by any company which obtain a quotation of its shares and satisfies certain further conditions

43.
(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.
(2) The provisions of subsection (1) shall, apply to any company"
(a) the shares of which arc. as at March 31 of" that year of assessment, quoted in any official list published by any Stock Exchange licensed by the Securities and Exchange Commission of Sri Lanka consequent to an application made in that year of assessment; and
(b) in respect of which the Assessor is satisfied that as at March 31 of that year of assessment the number of persons registered in the share register of such company as shareholders is not less than three hundred.

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