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As enacted
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Chapter X · Companies

60. Every resident company to deduct income tax from any dividend received from any quoted public company and payable to any non-resident person

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

Every resident company shall deduct from the amount of any dividend (hereinafter in this section referred to as the

“relevant dividend”) which becomes payable to any non-resident person if the relevant dividend consists, of the whole or any part of the amount of a dividend not being the whole or any part of a dividend which is exempt from income tax under this Act, distributed by any quoted public company and receievd, either directly or through one or more intermediary companies, by such resident company, income tax equivalent to fifteen per centum of such relevant dividend and the amount of the income tax which a residentt company is under this section, required to deduct shall be a debt due from such resident company to the State and shall be recoverable forthwith as such or may be assessed and charged upon such resident company in addition to any income tax otherwise payable by it :

Provided that in determinig for the purposes of this section, the amount of the relevant dividend, no account shall be taken of such part of such dividend as is distrubuted out of the profits or income on which the taxable income of such resident company is computed for any year of assessment.