12. Section 32 of the principal enactment is hereby amended as follows : "
| (1) in subsection (3A) of that section, by the substitution for the words " from the change of ownership of any property within such period ", of the words, "from the change of ownership of any property, not being any share in any quoted public company more than two years " ; |
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| (2) in subsection (3B) of that section, by the substitution for the words " from the change of ownership of any property within such period ", of the words, " from the change of ownership of any property, not being any share in any quoted public company within such period "; and |
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| (3) by the insertion, immediately after subsection (3B) of that section, of the following subsections"
| | ' (3BB) Where the taxable income of a person includes any capital gain arising from the change of ownership of any share in any quoted public company, within a period of one year after the date of acquisition of such share by such person, and the rate of income tax payable on a part of such income (hereinafter in this subsection referred to as the " relevant part of the income ") exceeds twenty per centum, then in regard to the relevant part of the income the tax shall be computed as follows:"
| | | (a) if the relevant part of the income exceeds the amount of such capital gain"
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| (b) if the relevant part of the income does not exceed the amount of such capital gain, the tax payable on the entirety of the relevant part of the income shall be at twenty per centum notwithstanding anything to the contrary in this Act. |
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Sri Lanka Consolidated Acts