25. Amendment of section 78 of the principal enactment

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

Section 78 of the principal enactment is hereby amended in subsection (1) of that section, as follows :—

(1)

by the substitution for the words “shall be charged with income tax on the aggregated amount of the divisible profits as referred to in section 76 and other income at the appropriate rate”, of the words and figures “shall be charged with income tax:—

(a)

for the year of assessment commencing on

April 1, 2006, on the aggregate of the divisible profits referred to in section 76 and other income; and

(b)

for any year of assessment commencing on or after April 1, 2007, on the excess, if any, of the aggregate of the divisible profits referred to in section 76 and other income over six hundred thousand rupees, at the appropriate rate”;

(2)

by the substitution in the first proviso to that subsection, for the words and figures “under the

Finance Act, No. 11 of 2004”, of the words and figures “under the Economic Service Charge Act,

No. 13 of 2006, for that year of assessment”; and

(3)

by the substitution in the second proviso to that subsection, for the words and figures “paid under the Finance Act, No. 11 of 2004,”, of the words and figures “paid under the Economic Service Charge

Act, No. 13 of 2006,”.

Read on from s 26