15. Section 24 of the principal enactment is hereby amended as follows: -
| (1) in subsection (1A) of that section-
| | (a) by the substitution, in sub-paragraph(ii) of paragraph(b) of that subsection, for the words and figures 'expression "35 per centum.". of the words and figures 'expression "35 per centum".; and | | |
| | (b) by the insertion, immediately after paragraph (b) of that subsection, of the following new paragraph: -
| | | "(c) in respect of each year of assessment commencing on or after April 1, 1978, as though there were substituted, for paragraph (b) of that subsection, the following new paragraph:
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| (2) by the repeal of subsection (1B) of that section and the substitution therefor of the following new subsection-
| | '(1B) Notwithstanding the preceding provisions of this section, the income tax to which a company shall be liable for any year of assessment commencing on or after April 1, 1976, shall if it was a people's company throughout the year preceding the year of assessment or, in the case of a company incorporated in the year preceding such year of assessment, from the date of its incorporation to the end of that preceding year, consist of-
| | | (a) a sum equal to forty per centum of the taxable income of such company for such year of assessment, and |
| (b) a sum equal 33 1/3 per centum of the aggregate amount of the gross dividends distributed by such company in the year preceding that year of assessment out of profits on which the taxable income of such company is computed for any year of assessment, not being dividends in respect of which income tax has been assessed on or paid by that company for any year of assessment commencing before April 1, 1978. |
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Sri Lanka Consolidated Acts