20. Exemption of the profit and income of any new industrial undertaking

carried on by such company ;

located in any area outside the administrative districts of Colombo and Gampaha and specified in part A or Part B of the Second Schedule to this section ;

in which the sum invested before April 1, 2008 –

in any plant, machinery, furniture, building or land used in such undertaking, where such undertaking is an agricultural undertaking ; or

in any plant, machinery, furniture or building used in such undertaking, where such undertaking is an undertaking other than an agricultural undertaking, is not less than thirty million rupees ;

not formed by the splitting up or reconstruction or acquisition of any undertaking which was previously in existence ;

in which the number of employees employed at any time prior to April 1, 2008 and thereafter throughout that year of assessment, is not less than –

fifty, where such undertaking is an undertaking for the provision of information technology enabling services or printing on paper or the manufacture of any packing materials ; or

two hundred, where such undertaking is an undertaking other than an undertaking referred to in subparagraph (i).

in sub Column A of Column II, where the undertaking referred to in that subsection is located within any administrative district referred to in Part

in sub Column B of Column II, where the undertaking referred to in that subsection is located within any administrative district referred to in Part

in which the new undertaking referred to in subsection (1) commences to make profits from the transactions entered into in that year of assessment ;

which occurs not later than three years reckoned from the commencement of the year of assessment in which such undertaking commences commercial operations, whichever occurs earlier.