54.
| (1) Every company resident in Sri Lanka shall be liable to pay for every year of assessment a tax hereinafter referred to as the "advance company tax") calculated at the appropriate rate specified in the Fifth Schedule to this Act as the rate applicable to companies of that class, on an amount equal to the amount of every qualifying distribution made by that company during that year of assessment. |
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| (2) Every resident company, shall be entitled to deduct from any quarterly instalment, referred to in section 105. of income tax payable by it under"
| | (a) paragraph (a) of subsection (1) of section 53 : or. | | |
| | (b) section 45, section 47. section 49. or section 50. or | | |
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| (3) The advance company tax paid by a company in any year of assessment which is in excess of the amount deducted for that year of assessment under subsection (2) shall not be refunded to the company but shall be carried forward and deducted, notwithstanding that the company may have ceased to carry on any trade or business. |
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Sri Lanka Consolidated Acts