18. Section 32ccc of the principal enactment inserted by Act, No. 16 of 1996 is hereby amended by the addition, at the end of that section of the following subsection:"
| "(3) Where an individual who is employed in a company referred to in paragraph (aaaad) of section 11, and who is deemed under subsection (7) of section 67 to be non-resident for a period of five years, continues to be employed in such company in Sri Lanka after the expiry of such period of five years, the profits from employment in that company of such individual for the period commencing from the end of such period of five years and ending on the last date of the period during which the dividends paid by such company are exempt from income tax, shall, notwithstanding anything to the contrary in Chapter VIII of this Act, be chargeable with income tax at the rate of fifteen per centum.". |
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Sri Lanka Consolidated Acts