39. The Seventh Schedule to the principal enactment is hereby repealed and the following Schedule substituted therefor :"
The rates of advance company tax for every year of assessment commencing on or after April 1, 1988, but prior to April 1, 1992, shall be as follows : "
| (i) on the amount equal to the amount of every qualifying distribution made by a small company 25 per centum |
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| (ii) on the amount equal to the amount of every qualifying distribution made by a quoted public company or a people's company 33 1/3 per centum |
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| (iii) on the amount equal to the amount of every qualifying distribution made by a unit trust or mutual fund or a company other than a small company, or a quoted public company or a people's company 50 per centum |
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The rates of advance company tax for every year of assessment commencing on or after April 1, 1992, shall be as follows: "
| (i) on the amount equal to the amount of every qualifying distribution made by a small company 25 per centum |
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| (ii) on the, amount equal to the amount of every qualifying distribution made by a quoted public company or a people's company 33 1/3 per centum |
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| (iii) on the amount equal to the amount of every qualifying distribution made by a unit trust or mutual fund or a company other than a small company, or a quoted public company or a people's company 40 per centum.". |
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Sri Lanka Consolidated Acts