3. Section 23 of the principal enactment is hereby amended in subsection (1) of that section as follows :-
| (1) by the insertion, immediately alter paragraph (h) of that subsection, of the following new paragraph :-
| | " (hh) in respect of any year of assessment commencing on or after April 1, 1985, any sum not exceeding forty per centum of its profits and income for that year of assessment, transferred by"
| | | (i) the Development Finance Corporation of Ceylon established by the Development Finance Corporation of Ceylon Act (Chapter 165) ; or |
| (ii) the National Development Bank established by the National Development Bank of Sri Lanka Act, No. 2 of 1979, to a special reserve for bad and doubtful debts ;" ; |
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| (2) by the substitution, in paragraph (q) of that subsection, for the words " carried on by such person.". of the words " carried on by such person ; " and |
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| (3) by the addition, at the end of that subsection, of the following new paragraph :-
| | " (r) any annual payment made by such person to any fund, approved for the purposes of this paragraph, by the Commissioner-General and maintained for the purpose of payment, under the Payment of Gratuity Act. No, 12 of 1983, of gratuities to employees on the termination of their services.". | | |
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Sri Lanka Consolidated Acts