21.
| (1) The profits and income, within the meaning of paragraph (a) of section 3, (other than any profits and income from the sale of any capital asset) of any company, from any relocated undertaking referred to in subsection (2), shall be exempt from income tax for each year of assessment within the period of five years determined in accordance with subsection (3). |
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| (2)For the purposes of subsection (1), a "relocated undertaking" in relation to any company and to any year of assessment referred to in subsection (1), means an undertaking -
| | (a) which prior to November 1, 2005, was being carried on by that company in a location within the administrative district of Colombo or of Gampaha, with not less than one hundred individuals employed therein ; | | |
| | (b) which is relocated in any location outside the administrative districts of Colombo and Gampaha and commencing from a date not later than March 31, 2008, continues :-
| | | (i) to carry its commercial operations ; and |
| (ii) to employ such number of individuals as is not less than the number employed as at November 1, 2005, throughout |
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| | (c) in respect of which the expenditure incurred in the relocation, is not less than one hundred million rupees. | | |
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| (3) The period of five years referred to in subsection (1), shall commence from the commencement of the year of assessment in which the relocated undertaking commences commercial operations. |
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Sri Lanka Consolidated Acts