21. The Seventh Schedule to the principal enactment is hereby repealed and the following Schedule substituted therefor : The rates of advance company tax for every year of assessment commencing on or after April 1, 1988, but prior to April 1, 1992, shall be as follows:
| (i) on the amount equal to the amount of every qualifying distribution made by a small company 25 per centum |
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| (ii) on the amount equal to the amount of every qualifying distribution made by a quoted public company or a people's company 33 1/3 per centum |
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| (iii) on the amount equal to the amount of every qualifying distribution made by a unit trust or mutual fund or a company other than a small company, or a quoted public company or a people's company 50 per centum |
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The rates of advance company tax for the year of assessment commencing on April 1, 1992, shall be as follows :
| (i) on the amount equal to the amount of every qualifying distribution made by a small company 25 per centum |
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| (ii) on the amount equal to the amount of every qualifying distribution made by a quoted public company or a people's company 33 1/3 per centum |
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| (iii) on the amount equal to the amount of every qualifying distribution made by a unit trust or mutual fund or a company other than a small company, or a quoted public company or a people's company 40 per centum. |
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The rates of advance company tax for every year of assessment commencing on or after April 1, 1993, shall be as follows:
| (i) on the amount equal to the amount of every qualifying distribution made by a small company 25 per centum |
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| (ii) on the amount equal to the amount of every qualifying distribution made by unit trust, mutual fund or company other than any small company 33 1/3 per centum". |
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Sri Lanka Consolidated Acts