16. There shall be exempt from income tax the profits and income for a period of five years accruing -
| (a) to any undertaking of operating hotels for tourists commenced on or after April 1, 1966, which is on the recommendation of the Ceylon Tourist Board approved by the Minister, by Order published in the Gazette, such period of five years being calculated from the date on which such undertaking commenced to carry on business ; and |
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| (b) from any building provided for the use of an under- taking referred to in paragraph (a) by any under- taking of providing buildings for such use, which is on the recommendation of the Ceylon tourist Board approved by the Minister by Order published in the Gazette, such period of five years being calculated from the date on which such building was provided for such use. |
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Sri Lanka Consolidated Acts