5. The following new section is hereby inserted immediately after section 18, and shall have effect as section 18A of the principal enactment:-
| 18A
| | (1) The profits and income within the meaning of paragraph(a) of section 3 (other than profits and income from the sale of capital assets) of any company from any specified undertaking referred to in subsection (2), which commences business on or after April 1, 2001, shall be exempt from income tax for such period not exceeding twenty years as may be prescribed by regulation having regard to the nature of the under taking and the investment made in the undertaking, such period of exemption being reckoned from the commencement of the year of assessment in which such undertaking commences to carry on business. | | |
| | (2) The provisions of subsection (1) shall apply to a company which is approved by the Minister by Older published in the Gazette as being essential for the economic development of the country, being a company which is engaged only in carrying on an undertaking for developing or maintaining or operating or developing maintaining and operating, an infrastructure facility. | | |
| | (3) In this section, "infrastructure facility" means a warehouse, store, industrial park, sanitation or solid waste management system or a project for the supply of electricity, water or urban housing,', | | |
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Sri Lanka Consolidated Acts