16.
| (1)The profits and income of any person or partnership from any agricultural undertaking carried on in Sri Lanka, shall be exempt from income tax for each year of assessment within the period of five years, commencing on April 1, 2006. |
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| (2) In this section "agricultural undertaking" means -
| | (a) an undertaking for the purpose of the production of any agricultural, horticultural or any dairy produce; | | |
| | (b) an undertaking for the cleaning, sizing, sorting, grading, chilling, dehydrating, packaging, cutting, canning for the purpose of changing the form, contour or physical appearance of any produce referred to in paragraph (a), in preparation of such produce for the market, other than an undertaking for the manufacture of tea ; and | | |
| | (c) any undertaking for the conversion of any produce referred to in paragraph (a) into such product as may be specified by the Commissioner-General, by Order published in the Gazette. | | |
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| (3) For the purpose of this section and in relation to an undertaking consisting of the production of green leaf and the manufacture of tea therefrom, the green leaf so produced shall be deemed to have been sold for the manufacture of tea at the open market price prevailing at the time of such deemed sale and the profits and income from the production of green leaf shall be deemed to be the profits and income from such deemed sale. |
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Sri Lanka Consolidated Acts