16. Section 15 of the principal enactment is hereby amended as follows : -
| (1) in subsection (1) of that section-
| | (a) in paragraph (c) of that subsection, by the substitution, for the full stop at the end of that paragraph, of a semi-colon; and | | |
| | (b) by the addition, at the end of that subsection, of the following new paragraph : -
| | | " (d) the amount of any loss which has been incurred in any year preceding the year of assessment by any corporation referred to in section 8 or any undertaking referred to in section 9. |
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| (2) in subsection (3) of that section, in the proviso to that subsection-
| | (i) in paragraph (i) of that proviso, for the words " amount of such loss ; ", of the words " amount of such loss ; and ", | | |
| | (ii) in paragraph (ii) of that proviso, for the words " and so on ; and ", of the words " and so on." ; and | | |
| | (iii) by the omission of paragraph (iii) of that proviso ; | | |
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| (3) by the renumbering of subsection (9) of that section as subsection (10) ; and |
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| (4) by the insertion, immediately after subsection (8) of that section, of the following subsection : -
| | " (9) The whole or any part of that amount which in accordance with the provisions of subsection (5B) or subsection (5C) of section 11 cannot be deducted from the statutory income of any person for any year of assessment commencing on or after April 1, 1958, shall, together with a sum equal to four per centum of that amount, be deducted as far as possible from the statutory income of the subsequent year of assessment, and, so far as it cannot be so deducted, it shall be deducted from the statutory income of the next succeeding year of assessment, and so on. Where under the preceding provisions of this subsection a deduction is made from the statutory income of any of the succeeding years of assessment of such person, such deduction shall consist of the amount or part thereof which could not be deducted from the statutory income of the immediately preceding year of assessment and a sum equal to four per centum per annum of such amount or part thereof.". | | |
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Sri Lanka Consolidated Acts