Income Tax (Amendment) Act (No. 4 of 1963)

Sri Lanka Consolidated Acts

Insertion of new section 43a in the principal enactment. [ 130 (4) (f),4 of 1963.]

23. The following new section is hereby inserted immediately after section 43, and shall have effect as section 43A, of the principal enactment: -

43A.

	(1) The profits of the Insurance Corporation of Ceylon from the business of life insurance shall be the investment income of the Life Insurance Fund less the management expenses (including commission) attributable to that business.

	(2) For the purposes of this section, "investment income of the Life Insurance Fund" means such part of the income of the Insurance Corporation of Ceylon from investments as appears fairly attributable to the life insurance business of such Corporation. '.