26. Section 85A of the principal enactment is hereby amended, by the substitution, for all the words and figures from " Where the net foreign exchange earnings" to "fifty per centum of the specified sum.", of the following words and figures : " "Where the net foreign exchange earnings of a person from the export turnover of an undertaking referred to in. section 20 (1) or section 20A (1) "
| (a) is certified by the Export Development Board to be"
| | (i) seventy five per Centum, in the case of any year of assessment commencing prior to April 1 1987 and, | | |
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| (b) is twenty-five per centum, in the case of any year of assessment commencing on or after April 1,1991, |
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or more of the value (before charging freight and insurance) of such exports for each year for a period of ten years, in the case of any year of assessment commencing prior to April 1, 1987, or five years, in the case of any year of assessment commencing on or after April 1, 1987, immediately succeeding the end of the last year for which the whole or any part of the profits and income of that person is exempt from income tax under the provisions of those sections, such person shall be entitled to a deduction from the income tax payable by him on the export profits and income for any of the aforementioned ten or five years, of a sum equal to fifty per centum of the specified sum : Provided that for any year of assessment commencing on or after April 1, 1991, the Minister may, specify by notice published in the Gazette, the manner in which such net foreign exchange earnings of any person form the export turnover of any undertaking referred to in section 20 (1) or section 20A (1) are to be computed. ". |
Sri Lanka Consolidated Acts