55. Exemption of income tax payable by certain small and medium enterprises

Any person or partnership carrying on an enterprise, having an annual turnover of a sum not exceeding rupees one hundred million who is liable to pay income tax under the Inland Revenue Act, No. 10 of 2006, who has defaulted in the payment of such tax as is payable by him under such

Act in respect of any year of assessment ending on or before

March 31, 2010, due to the existence generally of any conflict environment or due to any financial constraints of such persons or partnership, shall be exempted from the payment of such tax as is in default under such Act:

Provided that, the Commissioner-General of Inland

Revenue shall on a request made in that behalf, issue to such person or partnership a Certificate of Exemption in respect of the tax in default:

Provided further, the person or parternship to whom the

Certificate of Exemption is issued, shall simultaneously

“Committee to interpret provisions of

Act and issue rulings.

forward to the Commissioner-General of Inland Revenue a written assurance to the effect that such person or partnership will be responsible for the payment of all sums which may become payable by him under scuh Act, in respect of any year of assessment commencing on or after April 1, 2010.