11. The following new sections are hereby inserted immediately after section 22, and shall have effect as sections 22A, 22B and 22C, of the principal enactment:
| 22A. 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 quoted public company
| | (a) incorporated on or after November 15, 1979; and | | |
| | (b) which is engaged solely in the performance of any contract entered into with the Mahaweli Authority of Sri Lanka established by the Mahaveli Authority of Sri Lanka Act, No. 23 of 1979, being a contract which is approved by the Minister on the recommendation of that Authority as being essential for the implementation of any irrigation scheme undertaken by that Authority, | | |
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| 22B.
| | (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 referred to in subsection (2) shall be exempt from income tax for a period of ten years calculated from the date on which such company commences to carry on business. | | |
| | (2) The provisions of subsection (1) shall apply to any company which
| | | (a) is incorporated on or after November 15, 1979 ; and |
| (b) is either a quoted public company on the date on which it commences to carry on business, or becomes a quoted public company within two years from the date on which it commences to carry on business; and |
| (c) is engaged solely in property development projects which are approved by the Minister on the recommendation of the Urban Development Authority (established by the Urban Development Authority Law, No. 41 of 1978) as being essential to the implementation of the urban development policy of the Government. Exemption from income tax of profits and income of undertakings carried on by quoted public companies, |
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| 22C.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 undertaking
| | (a) carried on by a quoted public company ; and | | |
| | (b) approved by the Minister, | | |
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Sri Lanka Consolidated Acts