15. Amendment of section 23 of the principal enactment

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

Section 23 of the principal enactment is hereby amended as follows :—

(1)

in subsection (1) of that section:—

(a)

by the substitution for the words “of any venture capital company shall be exempt”, of the words “of any venture capital company, derived from any specified investment in any project referred to in paragraph (a), (b) or (c) hereafter, shall be exempt” ; and

(b)

by the addition immediately after the proviso to that subsection, of the following further proviso :—

“Provided further that, where the venture capital company commences commercial

Act, No. 9 of 2008

operations on or after April 1, 2008, the period for which the profits and income are exempt from income tax, be three years.”; and

(2)

in subsection (6) of that section, by the repeal of the definitions of the expressions “non-performing” and “under performing”.

Read on from s 16