12. Section 32M of the principal enactment is hereby amended as follows:-
| (1) in paragraph (b) of subsection (1) of that section, by the substitution for the words "the production or manufacture by such specified undertaking", of the words "the production, manufacture or packaging by such specified undertaking "; |
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| (2) by the repeal of paragraph (a) of subsection (4) of that section, and the substitution therefor, of the following paragraph :-
| | " (a) is made during the period for which-
| | | (i) the taxable income of the person who, or of any partner of a partnership which, carried on the specified undertaking referred to in subsection (1) is chargeable with income tax in accordance with the provisions of this Chapter ; or |
| (ii) the export profits and income of the specified undertaking referred to in subsection (1) are exempt from income tax, under paragraph (b) of subsection (1) of section 20 or in terms of an agreement entered into by such specified undertaking with the Board of Investment of Sri Lanka under section 17 of the Board of Investment of Sri Lanka Law, No. 4 of 197C, and, ". |
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Sri Lanka Consolidated Acts