Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsValue of certificates to be treated as capital for purposes of profits tax in certain cases
| 8. The sum represented by the denominational value of every unexpired certificate held by any certificate holder carrying on any business to which the Profits Tax Act applies, shall be treated for the purposes of that Act as capital employed in that business: Provided, however, that where the sum represented by the denominational value of any unexpired certificate or of all the unexpired certificates held on any date by a certificate holder carrying on any such business exceeds such amount as may, in the opinion of the Commissioner of Inland Revenue, reasonably be estimated to be payable, during the period of two years immediately succeeding that date, as income tax and profits tax on the profits of such business, the Commissioner of Inland Revenue may direct that such part only of the sum represented by the denominational value of the certificate or certificates as is equal to the amount aforesaid shall be treated as capital for purposes of the Profits Tax Act. |