Inland Revenue (Amendment) Act 2012 · As enacted
7. Insertion of new section 16D 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 16C of the principal enactment and shall have effect as section 16D of that enactment :-
16D. The profits and income within the meaning of paragraph (a) of section 3
(other than any profits and income from the sale of any capital asset) of any new undertaking established on or after April 1,
2012 and engaged in the manufacture of any of the products referred to in Column I of the Schedule hereto with an amount not less than the corresponding minimum investment referred to in Column II thereof, shall be exempt from income tax for a period of five years reckoned from the commencement of the year of assessment in which such undertaking commences to make profits from transactions entered into in that year of assessment or from the commencement of the year of assessment immediately succeeding the year of assessment in which such undertaking completes a period of two years from the date on which such undertaking commences to carry on commercial operations; which ever occurs earlier.
SCHEDULE
“Exemption for five years,of profits and income of strategic import replacement undertakings engaged in the manufacture of specified products.
Fabric
Pharmaceutical
Milk Powder
Cement 5 10 30 50”.
Column I
(Product)
Column II
(Minimum Investment in
USD Million)