19.
| (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 of five years, reckoned from the year of assessment in which the undertaking commences to make profits or any year of assessment not later than two years reckoned from the date of commencement of commercial operations, whichever is earlier. |
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| (2) For the purpose of subsection (1) "specified undertaking" in relation to a company means an undertaking carried on by such company and which is engaged in infrastructure development for the generation of power, tourism, recreation, warehousing and cold storage, garbage collection or disposal, construction of houses or construction of hospitals, and the total amount invested within one year from the commencement of the undertaking is not less than ten million rupees but not exceeding fifty million rupees. |
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Sri Lanka Consolidated Acts