25. Replacement of section 48 of the principal enactment

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

Section 48 of the principal enactment is hereby repealed and the following section substituted therefor:—

48. (1) Such part of the taxable income of any person for any year of assessment referred to in subsection (2), which consists of the profits and income from:—

(a)

any specified undertaking referred to in sections 17, 18 or 19;

“Rates of income tax for periods after the expiry of the tax exemption period.

“Rates of income tax on the profits from employment of any pilot of any airline licensed under the Air

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Act.

Act, No. 9 of 2008

(b)

any new undertaking referred to in sections 20, 22, 24C and 24D;

(c)

any relocated undertaking referred to in sections 21 and 21A;

(d)

any venture capital company referred to in section 23;

(e)

any business referred to in section 24;

(f)

any new cinema or upgraded cinema referred to in section 24A; or

(g)

any re-opened abandoned factory referred to in section 24B, shall, notwithstanding anything to the contrary in any other provision of this Act, be taxable at the rate specified in that subsection, as being applicable to that year of assessment.

(2)

The rate of tax applicable to the year of assessment immediately succeeding—

(a)

the end of the period for which the profits and income are exempt from income tax, being any year of assessment commencing on or after

April 1, 2008, (hereinafter referred to as the “first post-exemption year”) shall be five per centum;

(b)

the end of the first post-exemption year

(hereinafter referred to as the “second post-exemption year”) shall be ten per centum; and

(c)

the end of the second post-exemption year shall be fifteen per centum.”.

Act, No. 9 of 2008

Read on from s 26