Sri Lanka Consolidated Acts

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Inland Revenue Act (No. 28 of 1979) - Sect 17

Exemption from income tax of profits and income of certain companies engaged in fishing, animal husbandry. sericulture and agriculture

17.
(1) The profits and income within the meaning of section 3 (a) (other than any profits and income from the sale of capital assets) of any company referred to in sub- section (2) from any undertaking referred to in that sub- section shall be exempt from income tax for the period commencing from the date of incorporation of that company and ending on March 31, 1983.
(2) The provisions of subsection (1) shall apply to any company incorporated on or after November 15, 1977, and approved by the Minister, which commenced to carry on, on or after that date and is engaged only in carrying on one or more of the undertakings hereinafter specified, namely-
(a) an undertaking for off-shore or deep-sea fishing;
(b) an undertaking for cultivating land with any plants of whatever description other than tea, rubber, coconut or paddy;
(c) an undertaking for animal husbandry ;
(d) an undertaking for sericulture ;
(e) an undertaking for carrying on any activity referred to in any of the foregoing paragraphs and processing the product of such activity ;
(f) an undertaking for building fishing boats or for manufacture of fishing gear or for manufacture or assembly of marine engines;
(g) an undertaking for manufacture of ice or for provision of cold storage rooms:

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