Inland Revenue (Amendment) Act 2003 · As enacted
9. Amendment of section 21A of 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
Section 21A of the principal enactment as amended by Act, No. 19 of 2003, is hereby further amended by the repeal of subsection (2) of that section, and the substitution therefor of the following subsection :—
‘(2)
For the purposes of subsection (1) “specified undertaking” in relation to a company means—
an undertaking carried on by a company incorporated on or after April 1, 2002, or by any company incorporated prior to April 1,
2002 as a new undertaking commenced on or after April 1, 2002 with an investment of not less than rupees two and onehalf of million and which is engaged in agriculture, agroprocessing, industrial and machine tool manufacturing, electronics, export of non-traditional goods or information technology and allied services ;
(i)
any designated project carried on by a company, incorporated on or after April 1, 2002, or by any company incorporated prior to April 1, 2002 as a new undertaking commenced on or after April 01, 2002 with an investment of not less than rupees two and onehalf of million ;
or
an undertaking having an investment in excess of rupees two hundred and fifty million, and which confirms to the prescribed guidelines :
Provided however, the amount of investment referred to in sub-paragraph (i) of paragraph (b) shall not be applicable to any Export Production Village
Company.”.
In the case of a company receiving income from any other trade or business in addition to the income from any specified undertaking, the exemption provided under this section shall be applicable only in respect of the profits and income from the relevant specified undertaking.
For the purpose of this subsection–
“agriculture” means the cultivation of land with plants of any description and the rearing of fish ;
“export of non-traditional goods” means the export of any goods, as defined in section 52
including deemed export of such goods within the meaning of section 49, not less than eighty per centum of the total turnover of such undertaking for any year of assessment.’.