6. TAX

The charge for taxation is made up as follows:                          Group/Company (All amounts in Sri Lanka Rupees millions)   2004   2003 Income tax charge   798   – Tax saving on brought forward losses and investment tax allowances   2,994   2,092 Release of deferred tax liability   (2,982)   (1,099) Change in estimation in the amortisation of deferred tax asset   (662)   –         148   993     The tax on the Company’s profit before tax differs from the theoretical amount that would arise using the basic tax rate of the Company as follows:                      Group/Company (All amounts in Sri Lanka Rupees millions)   2004   2003 Profit before tax   2,769   3,376     Tax calculated at a tax rate of 30% (2003 - 30%)   831   1,013 Tax effect of income not subject to tax   (21)   (20) Change in estimation in the amortisation of deferred tax asset   (662)   –     Tax charge   148   993

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