Inland Revenue (Amendment) Act 2013 · As enacted
17. Insertion of new section 48C in the principal enactment
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
The following new section is hereby inserted immediately after section 48B of the principal enactment and shall have effect as section 48C of that enactment:-
48C.Where any undertaking which has entered into an agreement with the Board of
Investment of Sri Lanka under section 17 of the Board of Investment of Sri Lanka Law,
No. 4 of 1978, which provides for tax concessions, and the taxation under such agreement after the expiry of the tax exemption
“Rate of income tax applicable to
BOI registered undertakings after the expiry of the period of tax exemption.
“Rates of income tax on profits from poultry farming.
“Rate of income tax on the profits and income from the sale of goods by an export oriented company.
period provided thereunder is more burdensome than the texation under the Inland
Revenue Act, the profits and income of such undertaking after the expiry of such tax exemption period shall be chargeable with income tax in accordance with the provisions of the Inland Revenue Act, provided such undertaking shall not seek any further tax concession in respect of such agreement through any supplementary agreement.”.