13. Amendment of section 52 of the principal enactment

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

Section 52 of the principal enactment is hereby amended as follows: -

(1)

in subsection (2) of that section, by the substitution for the words “may identify businesses,”, of the words “may identify businesses according to the criteria as may be prescribed,”;

(2)

immediately after subsection (3) of that section, by the insertion of the following new subsection: -

“(3A) The granting of tax related exemptions referred to in subsection (3) shall be subject to a technical analysis by the Ministry of

Finance, with the relevant technical inputs provided by the Commission. It shall be the

“This Part not to apply to banks licensed under the

Banking

Act responsibility of the Commission to monitor the ongoing performance of Businesses of

Strategic Importance against the speciﬁ ed targets.”;

(3)

by the repeal of subsection (5) of that section and substitution therefor, of the following new subsections: -

“(5) Regulations may be made prescribing minimum investment and category, minimum job creation, and exemptions and incentives.

(5A)

The Ministry of Finance may, in consultation with the Commission, review the exemptions and incentives applicable to

Businesses of Strategic Importance under this

Act, every ﬁ ve years.”; and

(4)

by the repeal of subsection (7) of that section and the substitution therefor, of the following subsection: -

“(7) The period of validity of such exemptions or incentives granted in terms of this section shall be as prescribed.”.

Read on from s 14