48. Validation of certain exemptions provided for in agreements entered into by the Board of Investment of Sri Lanka

Where, prior to the date of commencement of this

Act but on or after April, 1, 2006 the Board of Investment of

Sri Lanka has entered into an agreement with an enterprise under section 17 of the Board of Investment of Sri Lanka

Law, No. 4 of 1978, and the agreement provides for the exemption of the whole or any part of the profits and income of such enterprise from income tax payable under the principal enactment, such exemption shall be deemed to have been and to be, valid and effectual from the date of such agreement, as if such exemption had been expressly granted to that enterprise by the principal enactment.