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As enacted
EnglishSinhala සිංහල, official PDF on documents.gov.lkTamil தமிழ், official PDF on documents.gov.lk
Contents

Part I

64. Change in control

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

When the underlying ownership of an entity changes by more than fifty percent as compared with that ownership at any time during the previous three years, the entity, after the change, shall not be permitted to –

(a)

deduct financial costs carried forward under subsection (3) of section 18 that were incurred by the entity prior to the change;

(b)

deduct a loss under subsection (1) of section 19

that was incurred by the entity prior to the change;

(c)

in a case where the entity has, prior to the change, included an amount in calculating income in terms of subsections (2), (4) or (5) of section 24, claim a deduction under those provisions after the change;

or

(d)

carry back a loss under subsection (5) of section 25

that was incurred after the change to a year of assessment before the change.

(2)

Where a change in ownership of the type referred to in subsection (1) occurs during a year of assessment of an entity, the parts of the year of assessment before and after the change shall be treated as separate years of assessment.

(3)

This section shall not apply to a partnership or company that conducts the same business after a change as it conducted before the change for a period of two years after the change.

Read on from s 65

Part II

Read on from Part II

Schedules