13. The following new sections are hereby inserted immediately after section 21 of the principal enactment and shall have effect as sections 21 A and 21 is of that enactment:-"
| 21A.
| | (1) The profits and income within the meaning of paragraph (a) of section 3 (other than any profits and income from the sale of capital assets) of any company from any specified undertaking referred to in subsection (2) and carried on by such company on or after April 1, 2002 shall be exempt from income tax for a period of three years reckoned from the commencement of the year of assessment in which the undertaking commences to carry on commercial operations. | | |
| | (2) For the purposes of subsection (1) "specified undertaking" in relation to a company means an undertaking carried on by such company and which is engaged in-"
| | | (a) agriculture, agro processing, industrial and machine tool manufacturing, information technology and allied services, electronics or the export of non-traditional products ; |
| (b) any other designated project or in a project in which the investment is in excess of rupees five hundred million, and which conforms to the prescribed guidelines. |
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| 21B.
| | (1) The profits and income within the meaning of paragraph (a) of section 3 (other than any profits and income from, the sale of capital assets) of any company from any specified undertaking referred to in subsection (2) shall be exempt from income tax for a period not less than five years but not more than ten years as may be determined by the Minister by Order published in the Gazette, if the amount of the investment made by such company in such undertaking is not less than one thousand two hundred and fifty million rupees. Such period shall be reckoned from the commencement of the year of assessment in which the undertaking commences to carry on commercial operations. | | |
| | (2) For the purposes of subsection (1) "specified undertaking" in relation to company means an undertaking carried on by such company on or after April 1, 2002 and which is engaged in any such activity relating to infrastructure development as may be determined by the Minister by Order published in the Gazette, having regard to the interests of the national economy.". | | |
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Sri Lanka Consolidated Acts