40.
| (1) Where an individual who is deemed, under subsection (7) of section 79 to be non-resident for a period of three years, continues to be employed in Sri Lanka after the expiry of such period, the profits from such employment of such individual for a period of two years commencing from the end of such period of three years shall, notwithstanding anything to the contrary in this Act, be chargeable with income tax at the rate specified in Part III of the First Schedule to this Act. |
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| (2) Where an individual who is employed in a flagship company and who is deemed under the proviso to subsection (7) of section 79 to be non-resident for a period of five years, continues to be employed in such flagship company after the expiry of such period, the profits from employment in such flagship company of such individual for the period commencing from the end of such period of five years and ending on the date on which -
| | (a) the exemption of the profits and income of such flagship company ceases under the terms of its agreement with the Board of Investment of Sri Lanka; or | | |
| | (b) a further period of five years from the end of such period of five years ends, | | |
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Sri Lanka Consolidated Acts