20. Section 163 of the principal enactment is hereby amended in paragraph (B) of the definition of "qualifying distribution" as follows: -
| (1) by the substitution, for sub-paragraph (i) of that paragraph, of the following paragraph ; -
| | " (i) if taxable for that year of assessment, would be taxed at the appropriate rate specified in-
| | | (a) the Second Schedule to this Act, as the rate applicable to companies of that |
| (b) any regulation made by the Board of Investment of Sri Lanka under the Board of Investment of Sri Lanka Law, No. 4 of 1978, and published in the Gazette as being applicable to any company which has entered into an agreement with such Board under section 17 of such Law, or "; |
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| (2) in sub-paragraph (ii) of that paragraph, by the substitution for the words and figures " section 32H or of section 32K. ", of the words and figures " section 32H, or of section 32K or of section 32M, ". |
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| (3) in sub-paragraph (a) of that paragraph-
| | (i) in item (iii) of that sub-paragraph by the substitution for the words " dividend received by such company ; or", of the words " dividend received by such company ; " ; | | |
| | (ii) by the insertion, immediately after item (iii) of that sub-paragraph, of the following item :-
| | | " (iv) profits and income on which tax payable under paragraph (a) of subsection (1) of section 33 does not exceed the amount of any tax credit referred to in section 82 for any tax paid outside Sri Lanka on such profits and income or".. |
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Sri Lanka Consolidated Acts