21. Section 38 of the principal enactment is hereby repealed and the following new section substituted therefor :-
| 38.
| | (1) The wealth tax payable by any person for any year of assessment commencing not later than April 1, 1972, shall not exceed eighty per centum of his assessable income for that year of assessment. | | |
| | (2) The wealth tax payable by any person for any year of assessment commencing on or after April 1, 1978, shall not exceed eighty per centum of the aggregate of the assessable income of that person for that year of assessment and of any profits and income (other than the net annual value of a residence and any subsidy exempt from income tax under this Act), being profits and income exempt from income tax under this Act or under any other enactment, and which, but for that exemption, would have been taken into account in computing the assessable income of that person for that year of assessment.". | | |
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Sri Lanka Consolidated Acts