Companies Tax Act

Arrangement of Sections

1. Short title.

2. Companies to which this Act shall not apply.

3. Charge of the tax.

4. Computation of the tax for the financial year ending on March 31, 1962, on reduction of the share capital of a company.

5. Company liable to the tax under this Act and to the land tax under the Land Tax Act, No. 27 of 1961, shall not be liable to pay the tax under this Act if the amount of such tax is less than the amount of the land tax.

5A. Exemption of tax under this Act in certain circumstances.

6. Set-off against the tax under this Act in certain circumstances.

7. Payment of the tax.

8. Proceedings for the recovery of the tax.

9. Powers conferred on the Registrar of Companies for the purposes of this Act.

10. Offences.

11. Sums paid or recovered as tax to be credited to the Consolidated Fund of Ceylon.

12. Refund of sums paid in excess as the tax for any financial year.

13. This Act to prevail over any other written law or instrument.

14. Interpretation.

35 of 1961,

10 of 1962.

AN ACT to impose on companies incorporated in Ceylon and having a share capital a tax computed by reference to the amount of the share capital, to impose a tax of a fixed amount on companies incorporated in Ceylon but limited by guarantee and having no share capital and on companies incorporated outside Ceylon and carrying on business in Ceylon and to provide for matters connected therewith or incidental thereto.

[Date of Commencement: 6th June, 1961]

1. Short title.

This Act may be cited as the Companies Tax Act1.

2. Companies to which this Act shall not apply.

The provisions of this Act shall not apply to—

(a) any company which commences on or after the relevant date to carry on any industrial undertaking and in respect of which a certificate declaring it to be an approved company for the purposes of this Act is issued under the hand of both the Controller of Finance and the Director of Industries; or

(b) any company which has been registered before the relevant date and the profits and income of which are exempt from income tax by virtue of the provisions of section 8 or section 9 of the Income Tax Ordinance, for the period during which such exemption lasts; or

(c) any company registered under section 19 of the Companies Ordinance as a company with limited liability, without the addition of the word "Limited” to its name; or

(d) any company incorporated for promoting commerce, art, science, religion, charity, education, or other useful object and exempted from the provisions of this Act by Order made by the Minister of Finance.

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