20. Exemption from income tax of profits and income of a company

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

(1)

The profits and income within the meaning of paragraph (a) of section 3, (other than any profits from the sale of capital assets), of any company from any specified undertaking referred to in subsection (2) and which commences business on or after April 1, 2000 shall, notwithstanding anything to the contrary in Chapter IX, be exempt from income tax for a period of ten years reckoned from the commencement of the year of assessment in which such undertaking commences to carry on business.

which exports fresh or processed vegetables or fruits and cultivates vegetables or fruits.

(2)

For the purpose of subsection (1), “specified undertaking” in relation to any company and to any year of assessment means an undertaking carried on by that company and which is engaged in—

(i)

the export of any fresh or processed vegetables or fruits ; and

(ii)

the cultivation of land not less than five acres in extent with vegetables or fruits in that year of assessment.

In this section, vegetables include ‘betel leaves’.

Read on from s 21

Chapter IV

Ascertainment of Profits or Income

Read on from Chapter IV

Chapter V

Ascertainment of Total Statutory Income

Read on from Chapter V

Chapter VI

Read on from Chapter VI

Chapter VII

Ascertainment of Taxable Income

Read on from Chapter VII

Chapter VIII

Rates of Income Tax on Persons Other Than Companies

Read on from Chapter VIII

Chapter IX

Special Provisions Relating to the Taxation of Certain Profits and of Dividends Out of Such Profits

Read on from Chapter IX

Chapter X

Companies

Read on from Chapter X