Inland Revenue (Amendment) Law (No. 16 of 1976)

Sri Lanka Consolidated Acts

Amendment of section 5A of the principal enactment

4. Section 5A of the principal enactment is hereby amended as follows: -

(1) in subsection (1) of that section, by the substitution for paragraph (d) of that subsection, of the following new paragraph: -

	"(d) any dividend paid to shareholders of a company out of such profits and income of that company as are referred to in paragraph (b) or paragraph (c):

(2) by the insertion, immediately after subsection " (1) of that section, of the following new subsection: -

	" (1A) Notwithstanding the provisions of subsection (1), the exemption from income tax under that subsection shall not apply to any profits and income referred to in paragraph (a) or paragraph (c) of that subsection if such profits and income arose or were derived on or after April 1, 1975.".