53.
| (1) The income tax to which any company resident in Sri Lanka in any year of assessment shall be liable for that year of assessment shall consist of an amount"
| | (a) calculated on the taxable income of" such company for that year of assessment at the appropriate rate specified in the Second Schedule to this Act: and | | |
| | (b) equal to fifteen per centum of the aggregate amount of the gross dividends distributed by such company in that year of assessment out of the profits on which the taxable income of such company is computed for any year of assessment. : | | |
| | (c) an amount equal to fifteen per centum of the aggregate amount of the gross dividend distributed to any nonresident person by a quoted public company in that year of assessment out of the profits on which the taxable income of such company is computed for any year of assessment : | | |
| | (d) in the case of any public corporation not less than seventy-live per centum, of the capital of which is provided by the Government, other than by way of loan, for any year of assessment, an amount equal to twenty -five per centum of the balance of its profits after deducting therefrom the income tax payable for that year of assessment under paragraph (a) : | | |
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| (2) Where for any year of assessment the taxable income of a company includes any capital gain arising from the change of ownership of any property, the provisions of subsection (4) and subsection (5) of section 32 shall, mutates mutandis, apply to the taxation of that capital gain. |
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| (3) For the purposes of subsection (1) "amount of gross dividends" of a company means"
| | (i) where a deduction under section 61 is made by the company in respect of its dividend, the amount of the dividend before such deduction is made : | | |
| | (ii) where no such deduction is made by the company in respect of its dividend. the amount of the dividend increased by seventeen and eleven-seventeenth per centum. | | |
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Sri Lanka Consolidated Acts