9. Section 21A of the principal enactment as last amended by Act. No. 37 of 2003 . is hereby repealed and the following section substituted therefor :"
| 21A.
| | (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) and carried on by such company on or after April 1, 2002. 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 on which the undertaking commences to carry on commercial operations, whichever is earlier. | | |
| | (2) For the purposes of subsection (1) "specified undertaking" in relation to a company means"
| | | (a) an undertaking carried on by a company"
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| (c) an undertaking of a pioneering nature as determined by the Minister by Order published in the Gazette carried on by a company on or after April 1, 2004. with an investment in excess of rupees two hundred and fifty million. |
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| | (3)
| | | (a) Notwithstanding the provisions of subsection (1). for any company having an investment not less than rupees one thousand million in any pioneering undertaking as determined by the Minister, the period of exemption shall be the corresponding period referred to in Column II below, provided the corresponding minimum investment as given in Column I has been made"
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| (b) The amount of investment referred to in subparagraph (i) of paragraph (b) of subsection (2) shall not be applicable to any Export Production Village Company. |
| (c) In case of a company receiving income from any other trade or business in addition to the income from any specified undertaking or designated project or pioneering undertaking as referred to above, the exemption provided under this section shall be applicable only in respect of the profits and income from the relevant, specific undertaking, designated project or pioneering undertaking , as the case may be. |
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| | (4) For the purposes of this section"
| | | (i) "agriculture'" means the cultivation of land with plants of any description, rearing of fish or animal husbandry including poultry farms. veterinary - and artificial insemination services and other support services ; |
| (ii) "agro processing" means the processing of any agricultural product or fishing product including deep sea fishing, but excludes the processing of black tea in bulk and the manufacture of liquor ; |
| (iii) "non-transitional products" means my goods (other than black tea in bulk, crepe rubber, sheet rubber. scrap rubber, latex and fresh coconuts,) including deemed export of such goods , where not less than eighty per centum of the total turnover of such undertaking is from export or deemed export of such non-traditional goods for any year of assessment ; |
| (iv) "deemed export" means the production or manufacture and supply by any person or partnership of any commodities (other than black tea in bulk, crepe rubber, sheet rubber, scrap rubber, latex and fresh coconuts) to any exporter of such goods without further production or manufacture by such exporter, or the production or manufacture and supply of any goods to any exporter for the production, manufacture or packaging for export of any commodity which is a non-traditional product.". |
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Sri Lanka Consolidated Acts