24.
| (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 person engaged in business as specified in subsection (2), shall be exempt from income tax for a period of three years commencing from the year of assessment in which such person commences to make profits in such business or any year of assessment not later than two years reckoned from the date of commencement of commercial operation, whichever is earlier. |
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| (2)The provisions of subsection (1) shall apply to any person registered with the Ceylon Tourist Board established by the Ceylon Tourist Board Act, No. 10 of 1966 on or after April 1, 2003, under the scheme for providing accommodation to tourist in Manor Houses or Thematic Bungalows, for a period of ten years from the date of registration. |
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Sri Lanka Consolidated Acts