20. The following new sections are hereby inserted, immediately after section 32DD and shall have effect as sections 32DDD, 32DDDD and 32DDDDD respectively of the principal enactment:-
| 32DDD
| | (1) Where the taxable income of any person other than a company) for any year of assessment commencing on or after April 1,1998, includes any profits and income from any agricultural undertaking or any undertaking for the promotion of tourism (hereinafter in this section referred to as "specified profits") and the rate or income tax payable on a part of such income (hereinafter in this section referred to as "the relevant part of the income") exceeds fifteen 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 "specified profits-
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| (b) if the relevant part of the income does not exceed the amount of such specified profits,, the tax payable on the entirety of the relevant part of the income shall be at the rate of fifteen per centum, notwithstanding anything to the contrary, to the other provisions of this Chapter or Chapter VIIIA. |
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| | (2) For the purposes of subsection (1)
| | | (a) "agricultural undertaking" includes any undertaking for"
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| (b) "any undertaking for the promotion of tourism" means an undertaking for the operation of"
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| (c) "profits and income from any agricultural undertaking" means"
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| 32DDDD.
| | (1) Where the taxable income of any company for any year of assessment commencing on or after April 1, 1998, includes any profits and income from any agricultural undertaking or from undertaking for the promotion of tourism, such part of such taxable income as consists of such profits and income shall, notwithstanding anything to the contrary in any provisions of this Chapter or Chapter VIIA or Chapter IX be chargeable with income tax at the rate of fifteen per centum. | | |
| | (2) For the purposes of subsection (1) the expressions "agricultural undertaking", "any undertaking for the promotion of tourism" and "'the profits and income from any agricultural undertaking", shall have the respective meanings assigned to them in section 32DDD. | | |
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| 32DDDDD.
| | (1) Where the taxable income of any person (other than a company) for any year of assessment includes any dividend-
| | | (a) being a dividend out of profits and income referred to in section 32DDDD; or |
| (b) being a dividend paid out of any such dividend as is referred to in paragraph (a) received by any company directly from a company referred to in section 32 DDDD or through one or more intermediary companies, if the first mentioned dividend is paid during the year of assessment in which the profits and income referred to in section 32 DDDD arose or accrued or within two years from the end of that year of assessment, |
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| | (2) Where the taxable income of any company includes any dividend referred to in subsection (1), the rate of income tax applicable to such part of such taxable income as consists of such dividend shall, subject to the provisions of section 35 be fifteen per centum". | | |
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Sri Lanka Consolidated Acts