Inland Revenue Act (No. 28 of 1979)

Sri Lanka Consolidated Acts

[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]

Inland Revenue Act (No. 28 of 1979) - Sect 8

Exemption from income tax of certain persons (other than individuals) on the whole or any part of their profits and income

8. There shall be exempt from income tax -

(a) the profits and income of -

	(i) the Incorporated Council of Legal Education ;

	(ii) the Institute of Chartered Accountants of Sri Lanka;

	(iii) the Sri Lanka Tea Board established by the Sri Lanka Tea Board Act, No. 14 of 1975 ;

	(iv) the Ceylon National Library Services Board established by the Ceylon National Library Services Board Act, No. 17 of 1970 ;

	(v) any University which is established or deemed to be established under the Universities Act, No. 16 of 1978 ;

	(vi) the Coconut Development Authority, the Coconut Research Board, and the Coconut Cultivation Board, established by or under the Coconut Development Act, No. 46 of 1971 ;

	(vii) the Widows' and Orphans' Pension Fund of Public Officers of Sri Lanka ;

	(viii) any Widows' and Orphans' Pension Fund or Scheme established for the Local Government Service;

	(ix) the World Tourism Organization ;

	(x) any institution or trust of a public character established by any written law solely for the purposes of scientific research ;

	(xi) the United Nations Organization including the net annual value of any land and improvements thereon in Sri Lanka owned by and occupied by or on behalf of the Organization;

	(xii) the S. W. R. D. Bandaranaike National Memorial Foundation established by the S. W. R, D. Bandaranaike National Memorial Foundation Law, No. 2 of 1975 ;

	(xiii) the National Science Council of Sri Lanka established by the National Science Council of Sri Lanka Law, No. 36 of 1975 ;

	(xiv) the Ceylon Institute of Scientific and Industrial Research established by the Ceylon Institute of Scientific and Industrial Research Act;

	(xv) the International Development Association ;

	(xvi) the Bureau of Ceylon Standards established by the Bureau of Ceylon Standards Act, No. 38 of 1964 ; (xvii) the Asian Development Bank ;

	(xviii) the Sri Lanka Broadcasting Corporation established by the Sri Lanka Broadcasting Corporation Act, No. 37 of 1966;

	(xix) any Resort Authority constituted under section 57 (1) of the Tourist Development Act, No. 14 of 1968 ;

	(xx) the Ceylon Tourist Board established by the Ceylon Tourist Board Act, No. 10 of 1966 ;

	(xxi) the International Finance Corporation ;

	(xxii) the International Bank for Reconstruction and Development or any other international or foreign organization approved by the Minister, being profits and income attributable to the interest and other charges on any loan granted to the Development Corporation ;

	(xxiii) the Employees' Provident Fund, being profits and income from the investment of any moneys of such Fund ;

	(xxiv) the Monetary Board, being the profits and income of the Central Bank of Ceylon ;

	(xxv) the National Lotteries Board, being profits from any national lottery;

	(xxvi) any registered society within the meaning of the Co-operative Societies Law, No. 5 of 1972, the majority of the members of which are resident in Sri Lanka, being profits and in- come of that society arising out of any business specified by the Minister by notice published in the Gazette having regard to Government policy in relation to the Co operative movement.

(b) the income of any local authority or Government institution, exclusive of -

	(i) the income of any trust or other matter vested in or administered by such authority or institution, being income to which such authority or institution is not beneficially entitled; and

	(ii) the profits and income for any period commencing on the date of acquisition or vesting, as the case may be, of any business undertaking acquired by or vested in the Government under the Business Undertakings (Acquisition) Act, No. 35 of 1971;

	(i) the Government of any foreign country, being profits and income derived by that Government either directly or through any agency of that Government, from aid granted in money, goods, services or in any other form by that Government to the Government of Sri Lanka;

	(ii) the Government of the People's Republic of China, or of any agency of that Government, being profits and income derived from the business of shipowner or charterer, and referred to in any agreement entered into between that Government and the Government of Sri Lanka;

	(iii) the Insurance Corporation of Ceylon being profits and income attributable to the life insurance business of that Corporation ;

(d) the profits and income of a charitable institution, being-

(i) the profits of a business carried on by that institution if such profits are applied solely to a charitable purpose of that institution and-

(a) the work in connection with the business is mainly performed by beneficiaries of that institution ; or

(b) such institution receives grants from the Government of Sri Lanka and is approved by the Minister for the purposes of this paragraph and the business is of a casual nature;

(ii) the net annual value of -

(a) any place of public worship and its premises administered by such institution ;

(b) any place or premises owned and occupied by such institution solely for any of the purposes of that institution;

	(iii) the profits and income from any property donated by royal or other grant before March 2, 1815, to any place of public worship administered by such institution, in so far as such profits and income are applied to the purposes for which such grant was made.

[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]