5. Section 20 of the principal enactment is hereby amended as follows :
| (1) by the substitution, for subsection (1) of that section, of the following subsection :
| | " (1) There shall be exempt from income tax
| | | (a) for a period of eight years reckoned from the date of incorporation of such company, in the case of a company incorporated on or after April 1, 1972, and approved by the Minister under section 7A of the Inland Revenue Act, No. 4 of 1963, prior to November 15, 1978; |
| (b) for a period of five years reckoned from the date on which the company made its first exports or from the date on which it commenced to provide services, for payment in foreign exchange, in the case of a company incorporated on or after April 1, 1972, for -
|
|
|
|
| (2) in subsection (2) of that section, by the insertion immediately after paragraph (b) of that subsection, of the following paragraph :
| | " (bb) " manufacture ", in relation to any year of assessment commencing on or after April 1, 1983, includes the growing of fruits, vegetables, flowers or foliage plants;'. | | |
|
|
|
Sri Lanka Consolidated Acts