9. The following new section is hereby inserted immediately after section 20A and shall have effect as section 20B of the principal enactment:
| 20B. There shall be exempt from income tax, such part of the profits and income within the meaning of paragraph (a) of section 3 (other than any profits and income, from the sale of capital assets) of a person of partnership as consists of profits and income from the production or manufacture and supply of goods to any exporter, the profit and income of which or whom are exempt from income tax under subsection (1) section 20 or 20A, if such supply is covered by a Letter of Credit opened in a bank in Sri Lanka on a back to back basis against an International Letter of Credit for the remittance to Sri Lanka, of the foreign exchange value of the exports related to such supply. ". |
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Sri Lanka Consolidated Acts