6. Amendment of section 16 of the principal enactment

Official English translation. The Sinhala text prevails.

Section 16 of the principal enactment as amended by

Act, No. 10 of 2007, is hereby further amended as follows:—

(1)

in subsection (2) of that section, by the substitution in paragraph (b) thereof for the words “the market, other than an undertaking for the manufacture of tea; and”, of the words “the market; or”; and

(2)

by the repeal of subsection (3) of that section, and the substitution therefor of the following subsection:—

“(3) In relation to an undertaking which consists of the production of any agricultural, horticultural or dairy produce and utilizing such produce to manufacture any product (other than any product specified under paragraph (c) of subsection (2) ), such produce shall be deemed to have been sold for the manufacture of such product at the open market price prevailing at the time of such deemed sale, and the exemption granted under subsection (1)

shall be applicable to that undertaking, on the profits and income computed on the basis of such deemed sale.”.

Read on from s 7