Sri Lanka Consolidated Acts

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Inland Revenue (Amendment) Act (No. 8 of 2005) - Sect 11

Insertion of new section 17A in the principal enactment

11. The following new section is hereby inserted immediately after section 17 of the principal enactment and shall have effect as section 17A of that enactment :-
17A.
(1) The profits and income from any agricultural undertaking (other than any profits and income from the sale of capital assets) shall be exempt from income tax for a period of five years reckoned from the commencement of the year of assessment commencing April 1,2005.
(2) For the purposes of subsection (1) "profits and income from any agricultural undertaking" means the profits and income from the cultivation of land and the sale of the produce therefrom:

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