10. Amendment of section 32DDDD of the principal enactment

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

Section 32DDDD of the principal enactment inserted by

Act No. 52 of 1998, is hereby further amended as follows:––

(1)

by the repeal of sub-section (1) of that section and the substitution therefor of the following sub-section :––

“(1) Where the taxable income of any company––

(a)

for the year of assessment commencing on

April 1, 1998, includes any profits and income [within the meaning of section 3(a)

from any agricultural undertaking or any undertaking for the promotion of tourism ;

(b)

for any year of assessment commencing on or after April 1, 1999, includes any profits and income [within the meaning of sections

(3(a) from any agricultural undertaking or any undertaking for the promotion of tourism ; or any undertaking for construction work, such part of such taxable income as consist of such profits and income shall, notwithstanding anything to the contrary in any other provision of this Chapter,

Chapter VIII A or Chapter IX, be chargeable with income tax at the rate of fifteen per centum” ; and

(2)

in sub-section (2) of that section by the substitution, for the words “the profits and income from any agricultural undertaking shall”, of the words “the profits and income from any agricultural undertaking and undertaking for construction work shall”.

Inland Revenue (Amendment)

Read on from s 11