Inland Revenue (Amendment) Act 2008 · As enacted
8. Amendment of section 17 of the principal enactment
Official English translation. The Sinhala text prevails.
Official translationFrom Department of Government Printing, unchanged
Section 17 of the principal enactment as amended by
Act, No. 10 of 2007, is hereby further amended in subsection (1) of that section, by the substitution for the words from “in
Act, No. 9 of 2008
which the undertaking commences to made 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 March 31, 2008, the period for which such profits and income are exempt, shall be three years.”.