31.
| (1) "Approved subsidiary" means a subsidiary of the Authority or a subsidiary of a Corporation established under this Act, which is considered by the Minister to be essential for the economic progress of any Special Area and which is declared by the Minister in charge of the subject of Finance by notice published in the Gazette to be an approved subsidiary. |
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| (2) "Approved investment" means an investment for the purpose of purchasing ordinary shares in any approved subsidiary other than an investment for the purpose of purchasing shares which are not the first issue. |
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| (3) Any person who has made in any year of assessment an approved investment, shall be entitled on account of that investment to such relief from income tax in respect of such year of assessment as will secure that the tax payable by him is reduced to the amount which will be payable as the tax if the amount of the approved investment were deducted from the statutory income of such persons. |
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| (4) The amount of the approved investment shall be excluded from the wealth of any person for the purpose of computing the wealth tax payable by such person for the five years of assessment next succeeding the date on which such investment was made. |
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| (5) The income of any approved subsidiary shall be exempt from any income tax for each of the five years of assessment next succeeding the date on which such subsidiary commenced business. |
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| (6) Any dividend which in any year is paid to the shareholders of any approved subsidiary shall be exempt from income tax for each of the five years of assessment next succeeding the date on which such approved subsidiary commenced business. |
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Sri Lanka Consolidated Acts