Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsExemption of companies from land tax in certain circumstances. [ 19, 10 of 1962.]
| 7A. Where a company which is liable to the land tax for any year of assessment is also liable to income tax under the Income Tax Ordinance for that year of assessment, then, if the amount of the income tax payable by that company exceeds eighty per centum of the assessable income of that company for that year of assessment, that company shall be deemed for all purposes to be exempt from the liability to the land tax for that year. |