8. Section 20 of the principal enactment is hereby amended as follows:
| (1) by the insertion, immediately after subsection (1) of that section, of the following new subsection:
| | (1A) There shall be exempt from income tax for each of the five years immediately succeeding the relevant date, so much of the profits and income of an undertaking as consists of the excess of .the export profits and income of that undertaking for that year over the average of its export profits and income for the three years preceding the relevant date if-
| | | (a) such undertaking commenced to carryon its trade or business on a day prior to April 1, 1972, and is approved by the Minister under section 7 A of the Inland Revenue Act, No. 4 of 1963 prior to April 1, 1982; and |
| (b) no part of the export turnover of the undertaking arose in consequence of the amalgamation of the whole or a part of the trade or business of that undertaking." ; |
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| (2) by the relettering of paragraph (c) of subsection (2) of that section as paragraph (d) ; and |
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| (3) by the insertion, immediately after paragraph (b) of subsection (2) of that section, of the following new paragraph :
| | (c) "relevant date" when used in relation to any company or undertaking, means such date not earlier than April 1, 1965 and not later than April 1, 1974, as is selected by that company or the person carrying on that undertaking or, in the case of a partnership, by the precedent partner of that partnership and as is notified to the Commissioner-General in writing; '. | | |
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Sri Lanka Consolidated Acts