8, The following section is hereby inserted immediately after section 20B, and shall have effect as section 20c of the principal enactment:
| 20c.
| | (1) Such part of the profits and income within the meaning of paragraph (a) of section 3, (other than any profits and income from the sale of capital assets), of any undertaking as consists of the export profits and income of that undertaking shall be exempt from income tax for any year of assessment commencing on or after April 1, 1988. | | |
| | (2) In this section
| | | (a) " export profits and income" and " total turnover " have the respective meanings assigned to them in subsection (2) of section 20. |
| (b) " export turnover'' when used in relation to an undertaking to which this section applies means the total amount received or receivable by that undertaking from the sale, of goods to any enterprise with which an agreement has been entered into by the Greater Colombo Economic Commission under section 17 of the Greater Colombo Economic Commission Law, No. 4 of 1978, during the period for which the profits and income of that enterprise are exempt from income tax under the terms oil that agreement, for which payment is made out of funds drawn from any account maintained by such enterprise in a foreign currency banking unit of any commercial bank in Sri Lanka, excluding
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Sri Lanka Consolidated Acts