11. The following new section is hereby inserted, immediately after section 17K, and shall have effect as section 17KK of the principal enactment:
| 17KK
| | (1) The profits and income attributable to the new capital expenditure of any undertaking for the production or manufacture of any goods or commodities or for the provision of any service and referred to in subsection (2), shall be exempt from income tax for a period of five years reckoned from the relevant date. | | |
| | (2) The provisions of subsection (1) shall apply to any undertaking which
| | | (a) has incurred, within a period of 12 months commencing from the relevant date, new capital expenditure of not less than four million rupees in amount on the acquisition and utilization of advanced technology ; and |
| (b) is approved by the Minister by notice published in the Gazette on or before March 31, 1998, to be an undertaking to which this section applies, on an application in writing in that behalf made on or before December 31, 1997 ; and |
| (c) employs, as at the relevant date or not later than six months from that date, and continue to employ, until the expiry of the said period of five years not less than fifty employees more than the average number of employees, employed by that undertaking during the year ending on the relevant date : |
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| | (3) For the purpose of this section
| | | (a) the expression "profits and income attributable to the new capital expenditure" in relation to any year of assessment and to any undertaking means the excess of
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| (b) the expression "relevant date", means the first day of any calendar month not earlier than November 1996, and not later than April 1998, and selected by that undertaking and notified to the Commissioner-General in writing not later than thirty days from the last date of that month: |
| (c) the expression, "new capital expenditure" means expenditure incurred by the undertaking in the purchase of any new
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Sri Lanka Consolidated Acts