Sri Lanka Consolidated Acts

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Inland Revenue Act (No. 38 of 2000) - Sect 20

Exemption from income tax of profits and income of a company which exports fresh or processed vegetables or fruits and cultivates vegetables or fruits

20.
(1) The profits and income within the meaning of paragraph (a) of section 3 (other than any profits from the sale of capital assets), of any company from any specified undertaking referred to in subsection (2) and which commences business on or after April 1,2000 shall, notwithstanding anything to the contrary in Chapter IX. be exempt from income tax for a period often years reckoned from the commencement of the year of assessment in which such undertaking commences to carry on business.
(2) For the purpose of subsection (1). "specified undertaking" in relation to any company and to any year of assessment means an undertaking carried on by that company and which is engaged in"
(i) the export of any fresh or processed vegetables or fruits ; and
(ii) the cultivation of land not less than five acres in extent with vegetables or fruits in that year of assessment.

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