15. The following section is hereby inserted immediately alter section 37 of the principal enactment and shall have effect as section 37A of that enactment; "
| 37A. Every resident company shall deduct from the amount of any dividend (hereinafter in this section referred to as the " relevant dividend") which becomes payable on or after April 1, 1991, to any non-resident person if the relevant dividend consists- of the whole or any Part of the amount of a dividend not being the whole or any part of a dividend which is exempt from income tax under this Act, distributed by any quoted public company and received, either directly or through one or more intermediary companies, by such resident company, income tax equivalent to fifteen per centum of such relevant dividend and the amount of the income tax which a resident company is under this section, required to deduct shall be a debt due from such resident company to the State and shall be recoverable forthwith as such or may be assessed and charged upon such resident company in addition to any income tax otherwise payable by it: |
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Sri Lanka Consolidated Acts