6.*
| (1) This section shall apply- [* The amendments made in Section 6 by subsection (1) of Section 5 of Act No. 18 of 1965 shall be deemed to have come into force on 30th March, 1963-See Section 5 (2) of Act No. 18 of 1965. ]
| | (i) to any corporation established on or after April 1, 1951, and-
| | | (a) to the capital of which the Government of Ceylon makes a contribution, and |
| (b) which is declared by the Minister by Order published in the Gazette to be a corporation to which this section shall apply; and |
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| | (ii) to any industrial undertaking in respect of which the Commissioner is satisfied that the following conditions are fulfilled: -
| | | (a) that it is an undertaking for the production or manufacture in Ceylon of goods or commodities commenced on or after April 1, 1951; |
| (b) that the undertaking is not formed by the splitting up or reconstruction of any business previously in existence, or by the transfer to a new business of buildings, machinery or plant used in a business which was being carried on before April 1, 1951; |
| (c) that more than twenty-five persons are employed for the purposes of the undertaking; |
| (d) that the goods or commodities produced or manufactured by the undertaking are certified to be of satisfactory quality by an authority if and when an authority is prescribed for such purpose; and |
| (e) that the prices at which such goods or commodities are sold are certified to be reasonable by an authority if and when an authority is prescribed for such purpose; |
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| | (iii) to any undertaking of deep sea fishing; and | | |
| | (iv) to any undertaking carried on in any land for a purpose for which such land was leased in accordance with such notification as was, or may be, published in that behalf in the Gazette. | | |
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| (2) The profits and income of-
| | (i) any corporation referred to in paragraph (i) of subsection (1), being the profits and income for the year of assessment in which the Government of Ceylon makes a contribution to the capital of that corporation and for each of the next five subsequent years of assessment, | | |
| | (ii) any undertaking referred to in paragraph (ii) of subsection (1), being the profits and income of that undertaking for the year of assessment in which production or manufacture in Ceylon of goods or commodities commences and for each of the next five subsequent years of assessment, | | |
| | (iii) any undertaking referred to in paragraph (iii) of subsection (1), being the profits and income of that undertaking for the year of assessment in which it commences to carry on business and for each of the next five subsequent years of assessment, and | | |
| | (iv) any understanding referred to in paragraph (iv) of subsection (1), being the profits and income of that undertaking for the year of assessment in which the lease of the land in which such undertaking is carried on was executed and for each of the next five subsequent years of assessment, | | |
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| (3) Where the profits and income for any year of assessment of any corporation or undertaking referred to in subsection (1) are exempt from the tax by virtue of subsection (2), all dividends which are in that year paid to the shareholders of the corporation or undertaking shall be exempt from the tax, and accordingly the provisions of section 27 shall not apply to such dividends. |
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Sri Lanka Consolidated Acts