4. Amendment of section 21A of the principal enactment

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

Section 21A of the principal enactment (inserted by

Act, No. 10 of 2002) is hereby amended as follows :—

(1)

in subsection (1) of that section by the substitution for all the words from “for a period of three years reckoned from the commencement of the year” to the end of that subsection, of the following :—

“for a period of five years reckoned from the year of assessment in which the undertaking commences to make profits or any year of assessment not later than two years reckoned from the date on which the undertakings, commences to carry on commercial operation which ever is earlier.”;

(2)

in paragraph (b) of subsection (2) of that section by the substitution for the words “five hundred million”

of the words “two hundred and fifty million” ; and

(3)

by the repeal of sub-paragraph (ii) of subsection (2)

of that section and the substitution therefor of the following :—

“(ii)

“export of non-traditional products” means the export of any goods, including deemed export of goods within the meaning of section 49, other than goods referred to in sub-paragraph (ii) of paragraph (b) of section 52, not less than eighty percentum of the total turnover of such undertaking for any year of assessment. ” .

Read on from s 5