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As enacted
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Part IX · Determination and Grant of Exemptions or Incentives for the Promotion of Businesses of Strategic Importance

52. Grant of exemptions or incentives to Businesses of Strategic Importance

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

The provisions of this Part of this Act shall, notwithstanding the provisions contained in any other written law, be applicable to any authorised person carrying on a Business of Strategic Importance, as may be approved under this Part of this Act.

(2)

From and after the date of commencement of this

Act, the Commission in consultation with the President or in the event that the subject of Colombo Port City is assigned to a Minister, in consultation with such Minister, may identify businesses, which may be designated as “Businesses of

Strategic Importance” which would ensure the success of the objectives in establishing the Colombo Port City, having regard to the national interest or in the advancement of the national economy.

(3)

Upon a business being so identified as a Business of

Strategic Importance, exemptions or incentives as provided in this Part of this Act may be granted thereto in accordance with the regulations made under this Act, in so far as it relates to its operations in and from the Area of Authority of the

Colombo Port City. In the case of tax related exemptions, such exemptions may be granted, either in full or part, and from all or any of the enactments set out in Schedule II hereto.

(4)

The exemptions or incentives granted in terms of subsection (3) shall be embodied into the agreement referred to in section 32 of this Act to be signed by and between the

Commission and the authorised person.

(5)

Regulations may be made prescribing guidelines on the grant of exemptions or incentives, as provided for in this Part of this Act.

(6)

The Commission may also extend such other assistance or facilitation as may be necessary as incentives to attract Businesses of Strategic Importance to the Colombo

Port City.

(7)

The period of validity of such exemptions or incentives granted in terms of this section shall not exceed forty years.

Read on from s 53

Part X

Applicability of the Condominium Management Authority Law and the Apartment Ownership Law

Read on from Part X

Part XI

Applicability of the Securities and Exchange Commission Act

Read on from Part XI

Part XII

Estate Manager and Provision of General Services

Read on from Part XII

Part XIII

International Commercial Dispute Resolution Centre

Read on from Part XIII

Part XIV

Priority in Hearing Legal Proceedings

Read on from Part XIV

Part XV

Interim Provisions and Investment Protection

Read on from Part XV

Part XVI

Miscellaneous Provisions

Read on from Part XVI

Schedules