21. The following new sections are hereby inserted, immediately after section 32EEE, and shall have effect as sections 32EEEE and 32EEEEE respectively of the principal enactment:"
| 32EEEE.
| | (1) Where for any year of assessment commencing on or after April 1, 1998 the taxable income of any company referred to in subsection (2), includes any profits and income, within the meaning of section 3(a), there shall be deducted from the tax payable by that company for that year or assessment, an amount equal to five per centum of such part of such taxable income as consists of such profits and income ; | | |
| | (2) The provisions of subsection (1) shall, in relation to the year of assessment referred to in subsection (1), apply to any company"
| | | (a) which is a quoted public company for that year of assessment, and |
| (b) in respect of which the Assessor is satisfied that, the number of persons registered in the share register of such company as shareholders is, at no time during that year of assessment, less than three hundred. |
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| | (3) Where in relation to any company"
| | | (a) which is a quoted public company for the year of assessment commencing on April 1, 1997, and |
| (b) in respect of which the Assessor is satisfied that as at March 31, 1998, the number of persons registered in the share register of such company as shareholders is not less than three hundred, |
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| 32EEEEE.
| | (1) Where for any year of assessment commencing on or after April 1,1998, the taxable income of any company referred to in subsection (2) includes any profits and income, within the meaning of section 3(a), there shall be deducted from the tax payable by that company for that year of assessment, an amount equal to five per centum of such part of such taxable income as consists of such profits and income : | | |
| | (2) The provisions of subsection (1) shall, in relation to the year of assessment referred to in subsection (1), apply to any company"
| | | (a) the shares of which are as at March 31 of that year of assessment, quoted in any official list published by any Stock Exchange licensed by the Securities and Exchange Commission of Sri Lanka consequent to an application made in that year of assessment, and |
| (b) in respect of which the Assessor is satisfied that as at March 31 of that year of assessment the number of persons registered in the share register of such company as shareholders is not less than three hundred. |
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| | (3) Where in relation to any company-
| | | (a) the shares of which are quoted, as at March 31, 1999, in any official list published by any Stock Exchange licensed by the Securities and Exchange Commission of Sri Lanka consequent to an application made in that behalf on or before March 31, 1998, and |
| (b) in respect of which the Assessor is satisfied that as at March 31, 1998 the number of persons registered in the share register of such company as shareholders is not less than three hundred, and the deduction referred to in subsection (1), shall apply to that company for the year of assessment commencing on April 1, 1997, as an amount equal to two and one half per centum of such part. |
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Sri Lanka Consolidated Acts