Inland Revenue Act 2000 · As enacted · Chapter III · Exemption from Income Tax
17. Exemption from income tax for five years of the profits and income of certain companies
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
The profits and income within the meaning of paragraph (a) of section 3 (other than any profits and income from the sale of capital assets) of any company from any undertaking referred to in subsection (2), shall be exempt from income tax for a period of five years such period of five years being calculated from the date on which such undertaking commenced to carry on business.
The provisions of subsection (1) shall apply to any company which is approved by the Minister by Order published in the Gazette—
being a company which is engaged only in carrying on one or more of the undertakings hereinafter specified, namely, an undertaking for —
animal husbandry ;
the cultivation of land with any plant of whatever description other than tea, rubber, coconut or paddy ;
marine or inland fisheries ;
carrying on any activity referred to in any of the foregoing sub-paragraphs and processing the product of such activity ;
the production from any agricultural produce of Sri Lanka of such commodities as may be specified by the Minister, by Order published in the Gazette, having regard to the need to provide incentives for the production of such commodities ;
being a company which is an Export Production
Village Company.
For the purpose of this section “Export Production
Village Company” means a company—
which is a people’s company within the meaning of the Companies Act, No. 17 of 1982 ;
the shareholders of which are the Export
Development Board established by the Sri Lanka
Export Development Act, No. 40 of 1979, and the producers of any of the products produced by that company ; and
the products of which are exported by the company or through any other company engaged in the export of goods or commodities :
Provided that this section shall not apply to any company which carries on an undertaking which had commenced to carry on business prior to November 17, 1983, or which was formed by the splitting up or reconstruction of any business which was in existence prior to November 17, 1983.
Chapter IV
Ascertainment of Profits or Income
Chapter V
Ascertainment of Total Statutory Income
Chapter VI
Chapter VII
Ascertainment of Taxable Income
Chapter VIII
Rates of Income Tax on Persons Other Than Companies
Chapter IX
Special Provisions Relating to the Taxation of Certain Profits and of Dividends Out of Such Profits
Chapter X