As enacted

Contents

45. Amendment of the Second Schedule to the principal enactment

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

The Second Schedule to the principal enactment as last amended by Act, No. 18 of 2013 is hereby further amended in PART-B of that Schedule as follows:-

(1)

in item 1 of that PART –

(a)

by the substitution in paragraph (c) of that item, for all the words and figures from “Any company-” to the end of that item, of the following words and figures:-

“Any company other than any company engaged in the manufacture of any article or in the provision of any service -

(A)

(i) of which the taxable income does not exceed

Rs. 5,000,000/-;

(ii)

which is not a company referred to in PART-A;

and

(B)

which is not the holding company, a subsidiary company, or an associate company of a group of companies, on the taxable income

(b)

by the insertion immediately after paragraph (c) of that item, of the following new paragraph:-

“ (d) For any year of assessment commencing on or after April 1, 2011, but prior to April 1,

2014 –

any company engaged in the manufacture of any article or in the provision of any service-

(A)

(i) of which the taxable income does not exceed

Rs. 5,000,000/-;

(ii)

which is not a company referred to in PART-A;

and

(B)

which is not the holding company, a subsidiary company, or an associate company of a group of companies, on the taxable income

For the purpose of item (B) of paragraph (b), paragraph (c) and paragraph (d), the expressions

“holding company”, “subsidiary company”, and “group of companies”

shall have the same respective meanings which they have in the

Companies Act, No.7 of 2007 and includs a holding company or a subsidiary of any company incorporated or registered outside Sri

Lanka.”;

12 per centum;

12 per centum;”;

(2)

by the substitution for item 2 of that PART, of the following item:-

“2

Any company for the year of assessment being any year of assessment commencing prior to

April 1, 2011 in which its shares are first quoted in any official list published by a stock exchange licensed by the Securities and

Exchange Commission of Sri Lanka

(hereinafter referred to as the “first year of assessment”) and for each year of assessment within the period of four years immediately succeeding that first year of assessment,

(a)

for which the taxable income exceeds

Rs. 5,000,000/-; or

(b)

if such company is a holding company, a subsidiary company or an associate company of a group of companies, on the taxable income for that year of assessment—

(i)

for any year of assessment commencing prior to

April 1, 2011

(ii)

for any year of assessment commencing on or after April 1, 2011

Provided that, where such first year of assessment is any year of assessment which commences prior to April 1, 2006, the rate of 33 1/3 per centum shall apply in relation to any year of assessment which falls within such period of four years, but which commences on or after April 1, 2006.”.

33 1/3 per centum 28 per centum

Read on from s 46