18.
| (1) The profits and income within the meaning of paragraph (a) of section 3 (other than any profits and in come from the sale of capital assets) of any undertaking referred to in subsection (2) shall, subject to the provisions of subsections (3) and (4), be exempt from income tax for the period commencing from the date of commencement of that undertaking and ending on March 31, 1983. |
|
| (2) The provisions of subsection (1) shall apply to any undertaking commenced on or after November 15, 1977, and approved by the Minister, for the production or manufacture in Sri Lanka of goods or commodities being an undertaking -
| | (a) which is not an undertaking for the milling of paddy ; | | |
| | (b) which was not formed by the splitting up, reconstruction, or acquisition of any business which was previously in existence ; and | | |
| | (c) which carries on its production or manufacture outside the administrative limits of a Municipality within the meaning of the Municipal Councils Ordinance. | | |
|
|
| (3) Where at any time during any year of assessment commencing on or after April 1, 1978, but prior to April 1, 1983, the capital of any such undertaking exceeds one million rupees, the profits and income of that undertaking arising in such year of assessment shall not be exempt from income tax. |
|
| (4) The exemption from income tax of the profits and income of an undertaking for any year of assessment shall not apply to such part of such profits and income as exceed two hundred thousand rupees. |
|
| (5) In this section " capital " in relation to an undertaking means the aggregate of -
| | (a) the cost of any building purchased or constructed, and of any land, plant, machinery and fixtures purchased, for use in that undertaking ; and | | |
| | (b) the value of the assets of that undertaking not included in paragraph (a), | | |
|
|
|
Sri Lanka Consolidated Acts