As enacted

Contents

6. Amendment of section 13 of the principal enactment

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

Section 13. of. the principal enactment is hereby

. amended as follows :—

| (a) by. the substitution,’ in paragraph (f) of that section for the words and figures “Sri Lanka Export Deve-lopment Act, No. 40 of 1979.”, of the words and figures “Sri Lanka Export Development Act,

No. 40 of 1979; sand

,, @) by the addition, at the end of that section, of the following paragraph :—

“

(9)

under any other scheme for the planting or replanting of any other agricultural product.”

Insertion of new section 17a in the principal enactment

The. following new section is hereby inserted immediately after section 17, and shall have effect as section 17a, of the principal enactment’: —

“Exemption 17a, (1) The profits and income within the tax for five”

meaning of paragraph (a) of section 3 (other yests of the than any profits and income from the sale of profits and

oe income of capital assets) of any company from any certain i i

“eomnpanies

. undertaking referred to in subsection (2)

ammenci

- Shall be exempt from income tax for a period bosiniess on of five years, such period of five years being

November calculated from the date on which such 3% 1983

‘¢

undertaking commenced to carry on business.

(2)

The provisions of subsection (1) shall apply ‘to any company which commenced to carry on business on or after November 17,

1983 and which is approved by the Minister by Order published in the Gazette—

(a)

being a company which is engaged only in carrying on one or more of the undertakings hereinafter speci-fied, namely—

‘

(i)

an undertaking for animal hus-bandry

;

(ii)

an undertaking for the cultiva-tion of sugar cane;

(iii)

an undertaking for marine oF inland fisheries ;

(iv)

an undertaking for carrying on any activity referred to in any cf the foregoing sub-para-graphs and processing the pro-duct of such activity

;

(v)

an undertaking for the produc-tion from any agricultural produce of Sri Lanka of such commodities as may be speci-fied by the Minister, by Order published in the Gazette, having regard to the need to provide incentives for the pro-duction of such commodities ;

(b)

being a company which is an Export

Production Village Company,

(3)

For the purposes of this section

“Export Production Village Company”

means a company—

(a)

which is a People’s Company within the meaning of the Companies Act,

No. 17 of 1982;

(b)

the shareholders of which are the

Export Development Board estab-lished by the Sri Lanka Export

Development Act, No. 40 of 1979, and the producers of any of the pro-ducts produced by that company;

and

-—«.—sS5

(c)

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 under-taking which had commenced to carry on business prior to November 17, 1983, or which was formed by the splitting up or recons-truction of any business which was in exis-tence prior to November 17, 1983.’

8 The following new section is hereby inserted Insertion of immediately after section 20, and shall have effect as 20a in the section 20a, of the principal enactment :—

20a.

- new section principal enactment, ‘Exemption

(1)

Such part: of the profits and from income income, within the meaning of paragraph tax for the export profits

(a)

of section 3, (other than any profits and and income income from the sale of capital assets), of any undertaking as consists of the export profits and income of that undertaking shall

March 31, be exempt from income tax for the period commencing on April 1, 1984 and ending on

March 31, 1989, undertakings from April 1, 1984 to ,

(2)

In this section—

“export profits and income” and “total turnover”

have the respective meanings assigned to them in sub-section (2) of section 20;

“export turnover” when used in relation to an undertaking means the total amount received or receivable by that undertaking from :—

(i} the export of goods or commodi-ties, or

(ii)

the performance of services for payment in foreign currency, such services being ship repair, ship breaking, repair and refurbishment of marine cargo containers, provision of 3 -- 3 075181 (84/03)

computer soft ware, computer programmes, computer systems or recording com-puter data but does not include—

(a)

any amount received or receivable by the sale of capital assets

;

(b)

any amount received or receivable from the sale of gems ;

(c)

any amount received or receivable from the export of black tea in bulk, crepe rubber, sheet rubber, scrap rubber, coconut oil, dessicated coconut, copra, fresh coconuts, or coconut fibre

;

(d)

in the case of an under-taking for the export of garments in respect of which a quota for export has been allocated by the Secretary to the

Ministry of the Minister in charge of

Textile

Industries, any amount received or receivable from the export of garments not exceeding that quota

;

: t : :

(e)

any profits and income not being profits and income within the meaning of paragraph (a) of section 3.

(3)

This section shall not apply to an undertaking for a year of assessment if the export profits and income of that under-taking are exempt from income tax under section 20(1) for that year of assessment. ’.

Report

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