Sri Lanka Consolidated Acts

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Inland Revenue Act (No. 28 of 1979) - Sect 10

Exemption from income tax of certain interest received

10. There shall be exempt from income tax -
(a) the accumulated interest payable to an individual in respect of any Ceylon Savings Certificate issued under the Savings Certificates Ordinance or any National Savings Certificate issued under the National Savings Bank Act, No. 30 of 1971, and purchased by that individual on or before November 15, 1978 ;
(b) such part of the interest receivable for any year of assessment by an individual in respect of -
(i) any National Savings Certificate issued, or deemed to have been issued, to him under the National Savings Bank Act, No. 30 of 1971, after November 15, 1978 ; and
(ii) moneys lying in the National Savings Bank to the credit of such individual, as does not exceed two thousand rupees or one- third of the total interest whichever is higher;
(c) interest accruing to any company, partnership or other body of persons outside Sri Lanka from any loan granted by that company, partnership or body of persons to the Government of Sri Lanka or to any public corporation or to any Government institution or to any commercial bank for the time being operating in Sri Lanka or to any other under- taking if such loan is approved by the Minister as being essential for the economic progress of Sri Lanka ;
(d) the interest accruing to any person from moneys lying to his credit in a special account opened by him or on his behalf in a commercial bank with the approval of the Central Bank of Ceylon for the deposit in accordance with the conditions imposed by the Central Bank of Ceylon, of sums obtained by him by the exchange of foreign currency held by him outside Sri Lanka ;
(e) the interest accruing to any person during the period in which he is not resident in Sri Lanka, on moneys lying to his credit in foreign currency in any account opened by him or on his behalf in any commercial bank with the approval of the Central Bank of Ceylon ;
(f) any interest forming part of the surrender value of any Tax Reserve Certificate.

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