5. Section 6 of the principal enactment is hereby amended by the repeal of subsection (3) of that section and the substitution therefor of the following new subsection: -
| " (3) Where the profits and income for any year of assessment of any corporation or undertaking referred to in subsection (1) are exempt from income tax by virtue of subsection (2), all dividends which are in that year paid out of such profits and income to the shareholders of the corporation or undertaking shall be exempt from income tax, and accordingly the provisions of section 27 shall not apply to such dividends: |
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Sri Lanka Consolidated Acts