12. Interpretation

In this Part of this Act, unless the context otherwise requires–

“Commissioner General”, “company”and “year of assessment” have the same meanings, respectively assigned to those expressions under the Inland Revenue Act, No. 10 of 2006;

“group of companies” means a holding company and its subsidiaries;

“holding company” means a company which owns more than fifty per centum of the shares with voting rights of another company, directly or indirectly, other than a holding company incorporated outside Sri Lanka and not registered under Chapter XVIII of the

Companies Act, No.7 of 2007;

“subsidiary” means a company in which more than fifty per centum of its shares with voting rights are owned by another company, directly or indirectly other than a subsidiary incorprated outside Sri Lanka and not registered under

Chapter XVIII of the Companies Act, No.7 of 2007 of a holding company incorporated outside Sri Lanka and not registered under

Chapter XVIII of the Companies Act.