11. The following new section is hereby inserted immediately after section 20c, and shall have the effect as section 20D of the principal enactment:-
| 20D
| | (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) shall, notwithstanding anything to the contrary in Chapter VIIIA, be exempt from income tax for a period often years reckoned from"
| | | (b) 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) cultivation in that year of assessment, of land not less than five acres in extent with vegetables or fruits. |
|
|
|
|
Sri Lanka Consolidated Acts