23. Amendment of section 40B of the principal enactment

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

Section 40B of the principal enactment is hereby amended as follows :–

(1)

in subsection (1) of that section, by the substitution for the words “at the rate of fifteen per centum.”, of the words “at the appropriate rate as specified in the

Sixth Schedule to the Act.”; and

(2)

by the addition at the end of that section of the following new subsection :–

“(3) The profits and income within the meaning of paragraph (a) of section 3 of any company referred to in section 21E for any year of assessment commencing after the expiry of the period during which the profits and income of such company were exempt from income tax shall notwithstanding any thing contained in this Act be chargeable with income tax at the rate of –

(a)

at the appropriate rate specified in item 7, 12

or 14 of the Sixth Schedule to this Act if such company is a company engaged in any undertaking referred to in section 40 or in the export or deemed export of non-traditional goods ;

(b)

at the appropriate rate specified in the Sixth

Schedule to this Act, if such company is a company engaged in any undertaking other than undertakings and activities referred to in paragraph (a).”.

Read on from s 24