Inland Revenue (Amendment) Act 2001 · As enacted
6. Insertion of section 20A 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 20, and shall have effect as section 20A of the principal enactment :—
20A (1) Such part of the profits and income within the meaning of paragraph (a) of section 3 as consists of export profits and income of any person or partnership, for every year of assessment commencing on or after April 1,
2001 but prior to April 1, 2004, from any under-an taking for the export of such categories of handicrafts as may be specified by the Minister by Order published in the Gazette, having regard to the need to encourage the export market for handicrafts and which conforming to such standards of manufacture as may be specified by the Sri Lanka Handicrafts Board established by the National Crafts Council and Allied
Institutions Act, No. 35 of 1982, shall be exempt from income tax.
In this section—
“export profits and income” in relation to a person or partnership and a year of assessment, means the sum which bears to the profits and income (within the meaning of paragraph (a) of section 3 other than profits and income from the sale of capital assets) of that person or partnership for that year of assessment, from the undertaking
‘Exemption from income tax of profits and income of undertaking for export of handicrafts.
referred to in subsection (1), the same proportion as the export turnover of that person or partnership for that year of assessment bears to the total turnover of that person or partnership for that year of assessment ;
“export turnover” in relation to a person or partnership and a year of assessment means the total amount received or receivable by that person or partnership in that year of assessment, from the export of handicrafts of such categories and conforming to such standards as are referred to in subsection (1) (other than any amount received or receivable by the sale of capital assets) ;
“handicraft” means an article of decorative value made wholly or mainly by hand ;
“total turnover” in relation to a person or partnership and a year of assessment means the total amount received or receivable by that person or partnership in that year of assessment
(other than any amount received or receivable by the sale of any capital asset) ;’.