33. Amendment of section 137 of the principal enactment

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

Section 137 of the principal enactment is hereby amended as follows :–

(1)

by the renumbering of that section, as subsection (1) of that section;

(2)

in the re-numbered subsection (1) of that section, by the substitution for the words and figure “referred to in section 133, on which”, of the words and figure

“referred to in section 134, on which”; and

(3)

by the addition immediately after the re-numbered subsection (1) of that section, of the following new subsection :–

“(2)

Where any person is engaged in any primary market transaction or any secondary market transaction involving any corporate debt security issued by or on behalf of any company, on which income tex has been deducted under section 135 during any year of assessment at the rate of ten per centum at the time the interest is paid or credited or the discount is allowed on such security, such person shall be entitled to a notional tax credit at ten per centum of the grossed up amount of interest income from such transaction, to an amount of one ninth of the same, if such interest income forms part of the statutory income of such person being a company or the assessable income of such person being a person other than a company, for that year of assessment.”.

Read on from s 34