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srilawsby aturio
As enacted
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Chapter X · Companies

58. Certain dividends not to form part of the assessable income of the receiving company

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

Where a dividend is paid by any resident company to any resident or non-resident company and either—

(a)

a deduction has been made under section 61 in respect of that dividend by the first-mentioned resident company ; or

(b)

that dividend is exempt from income tax under section 11 ; or

(c)

such dividend consists of any part of the amount of a dividend received by the first-mentioned resident company from another resident company ; or

(d)

such dividend is a dividend declared by a quoted public company , such dividend shall, notwithstanding anything to the contrary in any other provision of this Act, be deemed not to form part of the assessable income of the second-mentioned company.

Read on from s 59