Sri Lanka Consolidated Acts

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Inland Revenue (Amendment) Act (No. 14 of 1984) - Sect 9

Amendment of section 22DD of the principal enactment

9. Section 22DD of the principal enactment is hereby amended as follows : -
(1) by the repeal of paragraph (i) of subsection (1) of that section and the substitution of the following paragraph therefor:
" (i) incorporated on or after April 1, 1983, but prior to April 1, 1984 with not less than ninety-five per centum of its capital contributed, in the form of money or otherwise, by
(a) the State ; and
(b) any public corporation or body corporate ; and " ; and
(2) by the repeal of subsection (2) of that section, and the substitution, of the following subsection therefor :
" (2) The exemption referred to in subsection (1) shall cease when the profits and income of a company which are exempt from income tax under that subsection amount to a sum equal to twice the issued capital of that company as at March 31, 1984.".


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