Sri Lanka Consolidated Acts

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Inland Revenue Act (No. 31 of 1988) - Sect 6

Amendment of section 97 of the principal enactment

6. Section 97 of the principal enactment is hereby amended by the addition, immediately after subsection (3), of that section of the following new subsection :
" (4) Notwithstanding the provisions of any of the foregoing subsections, the entirety of the advance company tax payable by any company resident in Sri Lanka, under section 33A (1) on an amount equal to the amount of every qualifying distribution made by such company in any year of assessment commencing on or after April 1, 1988, shall be remitted to the Commissioner-General at the time at which the dividend consisting of each such qualifying distribution is distributed. The remittance shall be accompanied by a declaration in such form and containing such particulars as may be specified by the Commissioner-General to ensure the orderly collection of such tax.


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