16. Insertion of new section 48D of the principal enactment

The following new section is hereby inserted immediately after section 48C of the principal enactment and shall have effect as section 48D of that enactment:-

48D. Notwithstanding the period specified in section 16D or paragraph (b) and (c) of subsection (2) of section 17A to complete investment and to commence the commercial operations by any new undertaking which has been approved by the Board of Investment of

Sri Lanka by entering into an agreement under section 17 of the Board of Investment of Sri

Lanka Law, No. 4 of 1978 which provides tax holiday under section 16D or section 17A of this Act, if the approval of the Board of

Investment was granted prior to October 31,

2014 and the company which invested in such undertaking is unable to complete the required investment prior to April 1, 2015 and to commence commercial operations prior to April 1, 2016 due to any practical reasons depending on the nature of the business, such period shall be extended up to April 1, 2018, if the

Commissioner-General is satisfied that the nature of the activities engaged in by such new undertaking are only activities qualified under section 16D or section 17A and the Board of Investment of Sri Lanka confirms , on request made by the investor, that the reasons for such extension is justifiable and acceptable by examining the status of the progress of such new undertaking.”.