18. Amendment of section 62 of the principal enactment

Section 62 of the principal enactment is hereby amended in subsection (2) of that section, by the substitution for the words “making such remittances.” of the following: -

“making such remittances:

Provided however, if a non-resident person retained the total income earned in any year of assessment commencing on or after April 1, 2021

in Sri Lanka for a minimum period of three years commencing from the first day of the immediately succeeding year of assessment in which the income is earned and invested the same in Sri Lanka to expand its business or to acquire shares or securities from the Colombo Stock Exchange licensed by the

Securities and Exchange Commission of Sri Lanka or to acquire any treasury bill, treasury bond or Sri

Lanka International Sovereign Bond issued on behalf of the Government of Sri Lanka, the tax rate on remittances of such retained income invested shall be zero percent.”.

Act, No. 10 of 2021