20. Section 34 of the principal enactment is hereby repealed and the following new section substituted therefor : -
| 34.
| | (1)
| | | (a) Where the net wealth for any year of assessment commencing prior to April 1, 1978, of a charitable institution exceeds one hundred thousand rupees, the entirety of such net wealth shall be the taxable wealth of such institution, and such institution shall be liable to the wealth tax in respect of such taxable wealth. |
| (b) Where the net wealth for any year of assessment commencing on or after April 1, 1978, of a charitable institution exceeds two hundred thousand rupees, the entirety of such net wealth shall be the taxable wealth of such institution, and such institution shall be liable to wealth tax in respect of such taxable wealth. |
|
| | (2)
| | | (a) The amount of the wealth tax which a charitable institution is liable to pay in respect of its taxable wealth for any year of assessment commencing prior to April 1, 1978, shall in no case exceed the amount by which its taxable wealth exceeds one hundred thousand rupees. |
| (b) The amount of the wealth tax which a charitable institution is liable to pay in respect of its taxable wealth for any year of assessment commencing on or after April 1, 1978, shall in no case exceed the amount by which its taxable wealth exceeds two hundred thousand rupees." |
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Sri Lanka Consolidated Acts