23. The following section is hereby inserted immediately after section 85, and shall live effect as section 85A of the principal enactment :-
| 85A. Where the net foreign exchange earnings of a company from the export turnover of an undertaking referred to ill section 20 (1) or section 20A (1) is certified by the Export Development Board to be seventy-five per centum or more of the value (before charging fright and insurance) of such exports for each year for a period of ten years immediately succeeding the last date of the year for Which the whole or any part of the profits and income of that company is exempt from income tax under the provisions of those sections, such company shall be entitled to a deduction from the income tax payable by the company on the export profit and income for any of the aforementioned ten years of a sum equal to fifty per centum of the specified sum. |
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Sri Lanka Consolidated Acts