40. Amendment of section 57 of the principal enactment

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

Section 57 of the principal enactment is hereby amended in subsection (1) of that section as follows :—

(1)

in paragraph (b) of that subsection—

(a)

by the substitution for the words “in that year of assessment” of the words and figures “in any year of assessment and where such year of assessment is any year of assessment commencing prior to April 1, 2003” ; and

(b)

in sub-paragraph (ii) of that paragraph by the substitution for the words “one third of such taxable income.”, of the words “one third of such taxable income ; ” ;

(2)

by the insertion immediately after paragraph (b) of that section of the following paragraph :—

“(c)

in any year of assessment commencing on or after April 1, 2003, where there is any remittance by such company a sum equal to ten percentum of the aggregate amount of the remittances by such company.” ; and

(3)

in paragraph (a) of subsection (2) of that section, by the substitution for the words “profits of the company”, of the words “profits and income chargeable with income tax, of the company and any sum received outside Sri Lanka by or on behalf of such company in relation to any trade, business, profession or vocation carried out in Sri Lanka by such company the profits of which are chargeable with income tax in Sri Lanka”.

Read on from s 41