3. Replacement of section 3 of the principal enactment

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

Section 3 of the principal enactment is hereby repealed and the following section is substituted therefor: -

3. (1) The Board of Investment of

Sri Lanka shall, subject to the criteria as may be prescribed, identify any proposed project as a Strategic Development Project.

(2)

Upon being identified the proposed project as a Strategic Development Project, the Board of Investment of Sri Lanka shall refer such project proposal to the Ministry of

Finance for ex-ante cost-benefit analysis.

(3)

The Ministry of Finance shall, with the technical input from the Board of Investment of Sri Lanka, carry out such ex-ante cost-benefit analysis of the project and submit a recommendation to the Board of Investment of

Sri Lanka within one month from the date of such reference under subsection (2).

“Identification of Strategic

Development

Project

(4)

The Board of Investment of Sri Lanka shall, upon being satisfied that such a project meets the eligibility criteria as prescribed under subsection (1) and having regard to the recommendation made under subsection (3), grant such number of years of tax holiday and any exemption or concession as may be prescribed.

(5)

Upon the identification of a project as a Strategic Development Project under this section, the Board of Investment of

Sri Lanka shall communicate such decision to the Minister.

(6)

The

Minister shall, with the concurrence of the Cabinet of Ministers, publish an Order in the Gazette, specifying –

(a)

the name and nature of the Strategic

Development Project;

(b)

the date on which the exemptions from the enactments specified in the Schedule hereto, granted in terms of section 2, shall become operative in respect of that project;

and

(c)

any other necessary information as he deems appropriate.

(7)

Such Order made under subsection (6), shall be placed before Parliament for information.”.

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