15. Research and development expenses and agricultural start up expenses

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

(1)

Research and development expenses and agricultural start up expenses meeting the requirements of subsection (1) of section 11 may be deducted irrespective of whether they are of a capital nature or not.

(2)

In this section –

“agricultural start up expenses” means expenses incurred by the person in –

(a)

opening up any land for cultivation or for animal husbandry;

(b)

cultivating land referred to in paragraph (a)

with plants;

(c)

the purchase of livestock or poultry to be reared on land referred to in paragraph (a); or

(d)

maintaining tanks or ponds or the clearing or preparation of any inland waters for the rearing of fish and the purchase of fish to be reared in such tank, pond or inland waters, as the case may be;

“research and development expenses” means expenses incurred by the person in –

(a)

carrying on any scientific, industrial, agricultural or any other research for the upgrading of the person’s business through any institution in Sri Lanka (or for any innovation or research relating to high value agricultural products, by the person or through any research institution in Sri Lanka); or

(b)

the process of developing the person’s business and improving business products or process, which shall be beneficial to Sri Lanka, but shall exclude expenses incurred that are otherwise included in the cost of an asset under this Act.

Read on from s 16

Part II

Read on from Part II

15. Research and development expenses and agricultural start up expenses

Part II

Schedules