14. Amendment of section 22 of the principal enactment

Section 22 of the principal enactment is hereby amended in subsection (1) of that section, by the substitution for the words from “in which the undertaking commences to make profits”, to the end of that subsection, of the following words and figures :—

“in which the 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 the undertaking completes a period of two years reckoned from the date on which the undertaking commences to carry on commercial operations, whichever occurs earlier:

Provided that where the period for which the profits and income are exempt from income tax commences after

April 1, 2008, the period for which such profits and income are exempt, shall be three years.”.