Sri Lanka Consolidated Acts

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Inland Revenue (Amendment) Law (No. 16 of 1976) - Sect 6

Amendment of section 7A of the principal enactment

6. Section 7A of the principal enactment is hereby amended in subsection (4) of that section, by the insertion at the end of that subsection, of the following proviso: - " Provided that nothing in the preceding provisions of this subsection shall apply to-
(a) any dividend declared by a company carrying on any such undertaking as has been approved on or after November 6, 1974, by the Minister under subsection (1);
(b) any dividend declared on or after April 1, 1974, in respect of any share in the capital of a company which is not an ordinary share; and
(c) such part of the total of any dividends declared on or after April 1, 1974, in respect of an ordinary share in the capital of a company out of the profits of any accounting period of that company as is in excess of -
(i) ten per centum of the amount paid up on that share before November 6, 1974, where such accounting period is not less than twelve months, and
(ii) such percentage of the sum paid up on that share before November 6, 1974, as bears to ten per centum the same -proportion as the number of days in the accounting period bears to the number of days in an year where such accounting period is less than twelve months. ".


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