14. Amendment of section 32 of the principal enactment

Section 32 of the principal enactment as last amended by Act, No.22 of 2011 is hereby further amended in subsection (5) by the insertion immediately after paragraph (d) of that subsection of the following new paragraph :-

“(e)

where any person commenced to carry on any business the annual turnover of which does not exceed rupees five hundred million, any commencement expenses other than the capital expenses incurred by that person in the year of assessment immediately preceding the year of assessment in which the commercial operation of such business is commenced, shall be deducted from the total statutory income of that person for that year of assessment in which commercial operation commenced.”.