7.
| (1) The profits and income derived from the export trade of any articles or goods of any industrial undertaking approved by the Minister for the time being in charge of the subject of industries, being such profits and income for the year of assessment succeeding the year in which such articles or goods are exported for the first time and for each of the two subsequent years of assessment, shall be exempt from income tax. |
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| (2) Where, for the purposes of subsection (1), the profits and income derived from the export trade of any articles or goods referred to in that subsection cannot be ascertained at the time of assessment, such sum as the Commissioner in his discretion considers reasonable to be such profits and income for the year of assessment in respect of which the assessment is made, shall be exempt from income tax. |
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Sri Lanka Consolidated Acts