Inland Revenue Act 2006 · As enacted · Chapter III · Exemption from Income Tex
16. Exemption from income tax of profits and income from agricultural undertaking
Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk
Official translationFrom Department of Government Printing, unchanged
The profits and income of any person or partnership from any agricultural undertaking carried on in
Sri Lanka, shall be exempt from income tax for each year of assessment within the period of five years, commencing on
April 1, 2006.
In this section “agricultural undertaking” means—
an undertaking for the purpose of the production of any agricultural, horticultural or any dairy produce ;
an undertaking for the cleaning, sizing, sorting, grading, chilling, dehydrating, packaging, cutting, canning for the purpose of changing the form, contour or physical appearance of any produce referred to in paragraph (a), in preparation of such produce for the market, other than an undertaking for the manufacture of tea ; and
any undertaking for the conversion of any produce referred to in paragraph (a) into such product as may be specified by the Commissioner-General, by
Order published in the Gazette.
For the purpose of this section and in relation to an undertaking consisting of the production of green leaf and the manufacture of tea therefrom, the green leaf so produced shall be deemed to have been sold for the manufacture of tea at the open market price prevailing at the time of such deemed sale and the profits and income from the production of green leaf shall be deemed to be the profits and income from such deemed sale.
Chapter IV
Ascertainment of Profits or Income
Chapter V
Ascertainment of Total Statutory Income
Chapter VI
Ascertainment of Assesable Income
Chapter VII
Ascertainment of Taxable Income
Chapter VIII
Chapter IX
Special Provisions Relating to the Taxation of Certain Profits and of Dividends Out of Such Profits
Chapter X
Companies
Chapter XI
Special Cases a – Children
Chapter XII
Chapter XIII
Payment of Tax by Self-Assessment
Chapter XIV
Deduction of Income Tax from Remuneration of Employees by Employers
Chapter XV
Provisions Relating to the Payment of Income Tax by a Government Institution
Chapter XVI
Deductions from Interest Paid by Banks and Financial Institutions
Chapter XVII
Deduction of Income Tax from Specified Fees Paid by Specified Persons
Chapter XVIII
Chapter XIX
Chapter XX
Deduction of Income Tax from Any Annuity or Royalty Paid or Any Management Fee Paid or Similar Payment Made by Any Person or Partnership
Chapter XXI
Retention of Moneys in Certain Provident Funds
Chapter XXII
Assessments
Chapter XXIII
Appeals A-Appeals to the Commissioner-General
Chapter XXIV
Finality of Assessments and Penalty for Incorrect Returns
Chapter XXV
Tax in Default and Sums Added Thereto
Chapter XXVI
Recovery of Tax
Chapter XXVII
Miscellaneous
Chapter XXVIII
Repayment
Chapter XXIX
Penalties and Offences
Chapter XXX
Administration
Chapter XXXI
General
Chapter XXXII
Interpretation
Chapter XXXIII