15. Section 29 of the principal enactment is hereby amended, by the insertion immediately after subsection (3A) of that section, of the following subsection:-
| "(3B)
| | (a) Where any enterprise, with which an agreement has been entered into by the Board of Investment of Sri Lanka under section 17 of the Board of Investment of Sri Lanka Law,No.4 of 1978 and of which the profits and income are exempt from income tax under the terms of such agreement and which opts in lieu of such exemption, to be charged with income tax, has incurred any loss which if it had been a profit would have been except from income tax under such agreement for any year of assessment during the three period commencing on April 1, 1991, there shall be deducted from the total statutory income of such enterprise for the year of assessment commencing on April 1,1994, the excess if any of
| | | (i) the total of any such losses incurred by such enterprise during the said three year period, over |
| (ii) the total of any profits and income of that enterprise that were exempt during the said three year period ; |
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| | (b) where the entirety or any portion of the balance of such loss referred to in paragraph to in paragraph (a) cannot be deducted from the total statutory income of such enterprise for the year of assessment commencing on April 1, 1994, such entirely or portion shall be deducted from the total statutory income of the enterprise for the next succeeding year of assessment and so on.". | | |
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Sri Lanka Consolidated Acts