12. The following new section is hereby inserted immediately after section 32cc of the principal enactment and shall have effect as section 32ccc of the principal enactment :-
| 32ccc.
| | (1) Where an individual who is deemed under sub-section (7) of section 67 to be non resident for a period of three years, continuous to be employed in Sri-Lanka after the expiry of such period the profits from such employment of much individual for a period of two years commencing from the end of such period of three years shall not with standing anything to the contrary to this Act be chargeable with income tax at the rate of fifteen per centum. | | |
| | (2) Where an individual who is employed in a company being a flagship company, within the meaning of paragraph (aa) of section 11, and which has, on or after November 8, 1995, entered into an agreement with the Board of Investment of Sri Lanka under section)17 of the Board of Investment of Sri Lanka Law No.4 of 1978, and who is deemed under the proviso to subsection (7) of section 67 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 at such individual for the period commencing from the end of such period of five years and ending on the, date on which the exemption of the profits and income of such flagship company under the terms of such agreement ceases shall notwithstanding anything to the contrary in this Act, be chargeable with income tax at the rate of fifteen per centum " | | |
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Sri Lanka Consolidated Acts