3. Section 9 of the principal enactment is hereby amended as follows : -
| (1) in subsection (1) of that section"
| | (a) in paragraph (f) of that subsection"
| | | (i) by the repeal of sub-paragraph (iii) of that paragraph and the substitution therefor of the following sub-paragraph : "
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| (ii) by the substitution, in sub-paragraph (viii) of that paragraph, for the words " by the Asia Foundation : " of the Words " by the Asia Foundation or by the Overseas Economic Co-operation Fund of Japan ; " ; and |
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| | (b) in paragraph (h) of that subsection, by the substitution for the words ''the World Bank or the international Committee of the Red Cross ; "', of the word " the World Bank, the International Committee of the Red Cross or the World Conservation Union ;" | | |
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| (2) in subjection (2) of that section by the substitution for the words and figures "being an enterprise with which an agreement has been entered into by the Greater Colombo Economic Commission under section 17 of the Greater Colombo Economic Commission Law, No. 4 of 1978 " of the words and figures. " being an enterprise with which an agreement has been entered into prior to December 31, 1994 on an application made in that behalf prior to November 11,1993 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 |
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| (3) by the addition immediately after subsection (2) of that section of the following subsection :
| | "(3) Not withstanding the provisions of paragraph (1) of the proviso to sub-paragraph (iv) of paragraph (c) of subsection (i) and of subsection (2) the emoluments of any individual who is not a citizen of Sri Lanka and who is brought to and employed by an 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 which has opted to be charged with income tax in lieu of the exemption from income tax granted under such agreement, shall be exempt from income tax upto the date of cessation of employment of such individual in such enterprise or the date on which the exemption from income tax granted in respect of such enterprise would, but for such option, have ended, which ever is the earlier.". | | |
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Sri Lanka Consolidated Acts