8. Insertion of new section 15A in the principal enactment

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

The following new section is hereby inserted immediately after section 15 of the principal enactment, and shall have effect as section 15A of that enactment: -

15A. (1) For any year of assessment commencing on or after April 1, 2021, in calculating a person’s income from a business, marketing and communication expenses incurred by such person in the production of

“Marketing and communication expenses

Act, No. 10 of 2021

income during the year of assessment shall be deducted irrespective of whether they are of a capital nature or not.

(2)

In this section, “marketing and communication expenses” means, any expenses incurred by any person in-

(a)

carrying out a market research by such person or any institution in Sri

Lanka on his behalf;

(b)

the development or production of marketing, advertising and communication campaign to the extent that such development or production is carried out in Sri

Lanka;

(c)

advertising on mainstream media or social media including television, radio, print or as outdoor advertising;

(d)

product launches or campaign activation carried out by such person or by any local institution on his behalf;

(e)

development and printing of point-of-sale material by such person or by any local institution on his behalf.”.

Read on from s 9