10. The following new section is hereby inserted, immediately after section 17J, and shall have effect as section 17JJ of the principal enactment:
| 17JJ.
| | (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 five years from the commencement of the year of assessment in which such company commenced to carry on business. | | |
| | (2) The provisions of subsection (1) shall apply to any company which
| | | (a) is incorporated on or after April 1. 1996 ; |
| (b) is approved by the Minister to be a company to which this section applies by Order published in the Gazette on or before March 31, 1998, on an application in writing in that behalf made on or before December 31, 1997 ; |
| (c) is engaged only in carrying on any industrial undertaking
|
| (d) has before December 31,1998 invested not less than four million rupees, in the purchase, for the use of the undertaking carried on by the company, of any plant, machinery, fixtures or equipment; |
| (e) employs as at a date not later than a period of six months from the date on which it commences to carry on business and continues to employ until the expiry of the period of five years referred to in subsection (1) not less than fifty employees other than directors of such company ; and |
| (f) is not formed by the splitting up, reconstruction or acquisition of any business which was previously in existence ; |
|
|
|
|
Sri Lanka Consolidated Acts