Section 56

The Second Schedule to the principal enactment is hereby repealed and the following Schedule substituted therefor :—

“SECOND SCHEDULE

(Section 53 and 70)

RATES OF INCOME TAX - COMPANIES

PART I

For any year of assessment commencing prior to April 1, 2002 –

Company including unit trust and mutual fund 35 per centum

PART IA

For the year of assessment commencing on April 1, 2002

Company including unit trust and mutual 20 per centum fund when taxable income does not exceed

Rs. 5,000,000 for the year of assessment

Where taxable income exceeds Rs. 5,000,000 35 per centum for the year of assessment

“PART IB

The following rates shall be applicable subject to the rates specified in the Sixth Schedule for any year of assessment commencing on or after

April 1, 2003.

32.5 per centum (inclusive of 2.5

per centum contribution to the Human

Resource

Endowment

Fund)

30 per centum (inclusive of 2.5 per centum contribution to the Human Resource

Endowment Fund)

20 per centum

Where the taxable income of the company, exceeds Rs. 5,000,000 in that year of assessment (other than a quoted public company with 300 or more than 300 members during the year of assessment, venture capital company, unit trust or mutual fund)

A quoted public company with 300

or more than 300 members during the year of assessment and the taxable income exceeds Rs. 5,000,000 in that year of assessment

Where the taxable income of the company, does not exceed Rs. 5,000,000

in that year of assessment (other than unit trust, mutual fund or a venture capital company)

Replacement of the Second

Schedule to the principal enactment.