7. The following new section is hereby inserted immediately after section 17, and shall have effect as section 17A, of the principal enactment:
| 17A.
| | (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 undertaking referred to in subsection (2) shall be exempt from income tax for a period of five years, such period of five years being calculated from the date on which such undertaking commenced to carry on business. | | |
| | (2) The provisions of subsection (1) shall apply to any company which commenced to carry on business on or after November 17, 1983 and which is approved by the Minister by Order published in the Gazette -
| | | (a) being a company which is engaged only in carrying on one or more of the undertakings hereinafter specified, namely -
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| (b) being a company which is an Export Production Village Company. |
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| | (3) For the purposes of this section "Export Production Village Company" means a company -
| | | (a) which is a People's Company within the meaning of the Companies Act, No. 17 of 1982; |
| (b) the shareholders of which are the Export Development Board established by the Sri Lanka Export Development Act, No. 40 of 1979, and the producers of any of the products produced by that company; and |
| (c) the products of which are exported by the company or through any other company engaged in the export of goods or commodities: |
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Sri Lanka Consolidated Acts