18. Section 25 of the principal enactment is hereby amended by the insertion, immediately after subsection (1A) of that section, of the following new subsection: -
| " (1B) Notwithstanding the preceding provisions of this section, the income tax to which a company shall be liable for any year of assessment commencing on or after April 1, 1976, shall, if it was a people's company throughout the year preceding such year of assessment or, in the case of a company incorporated in the year preceding such year of assessment, from the date of its incorporation, consist of -
| | (a) a sum equal to forty per centum of the taxable income of such company for such year of assessment, and | | |
| | (b) a sum equal to 331/3 per centum of the aggregate amount of the gross dividends distributed by such company out of the profits on which the taxable income of such company is computed for such year of assessment. | | |
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Sri Lanka Consolidated Acts