20. Amendment of section 65 of the principal enactment

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

Section 65 of the principal enactment is hereby amended as follows:—

(1)

in subsection (1) of that section :—

(a)

by the substitution for the words “an order to pay money out of profits on which the taxable income of that company is computed for any year of assessment, income tax equal to ten per centum:”, of the words “and order to pay money, income tax equal to ten per centum of such gross dividend:”; and

(b)

by the repeal of the proviso to that subsection and of the definition of the expression

“amount of gross dividend”, and the substitution therefor, of the following proviso:—

“Provided that, in determining for the purposes of this subsection, the amount of gross dividend in relation to any dividend payable by any resident company, no account shall be taken of such part of that dividend, if any, as is paid by any other resident company and received by the first mentioned resident company, either directly or through one or more intermediary companies.”; and

(2)

in pargraph (d) of subsection (2) of that section :—

(a)

by the substitution for sub-paragraph (i)

of that paragraph, of the following sub-paragraph :—

“(i)

dividends received;”; and

(b)

by the omission of sub-paragraph (ii) of that paragraph; and

(3)

in the marginal note to that section, by substitution for the words “entitled to deduct tax”, of the words

“to deduct tax”.

Read on from s 21