Sri Lanka Consolidated Acts

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Inland Revenue Act (No. 38 of 2000) - 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 established by Council of Legal Education Act, (Chapter 276).
(ii) the Institute of Chartered Accountants of Sri Lanka established by the Institute of Chartered Accountants of Sri Lanka Act, No. 23 of 1959.
(iii) the Sri Lanka Tea Board established by the Sri Lanka Tea Board Law, 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 (Chapter 431),
(viii) any Widows' and Orphans' Pension Fund or Scheme established lot 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 Foundation established by the Science and Technology Development Act. No 11 of 1994
(xiv) the Industrial Technology Institute established by the Science and Technology Development Act, No. 11 of 1994;
(xv) the International Development Association ;
(xvi) the Sri Lanka Standards institution established by the Sri Lanka Standards Institution Act, No, 6 of 1984;
(xvii) the Asian Development Bank ;
(xviii) any Resort Authority constituted under subsection (1) of section 57 of the Tourist Development Act, No. 14 of 1968 ;
(xix) the Ceylon Tourist Board established by the Ceylon Tourist Board Act, No. 10 of 1966 ;
(xx) the International Finance Corporation ;
(xxi) 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 Finance Corporation ;
(xxii) the Monetary Board established by the Monetary Law Act (Chapter 422) being the profits and income of the Central Bank of Sri Lanka ;
(xxiii) 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 income 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.
(xxiv) she Sri Lanka Foundation Institute established by the Sri Lanka Foundation Law, No. 31 of 1973 ;
(xxv) the Tower Hull Theatre Foundation established by the Tower Hall Theatre Foundation Act, No. 1 of 1978;
(xxvi) the Sri Lanka Inventors Commission established by the Sri Lanka Inventors Incentives Act, No. 53 of 1979;
(xxvii) the Ceylon Medical Council established by the Medical Ordinance (Chapter 105) ;
(xxviii) Ayurvedic Medical Council established by the Ayurveda Act. No. 31 of 1961 ;
(xxix) the Homeopathic Council established by Homeopathy Act. No. 7 of 1970 ;
(xxx) the Sri Lanka College of Physicians established by the Sri Lanka College of Physicians (Incorporation) Act, No. 9 of 1971 ;
(xxxi) the Institute of Engineers, Ceylon, incorporated by the Institute of Engineers, Ceylon Act, No. 17 of 1968 ;
(xxxii) the Sri Lanka Export Credit Insurance Corporation established by the Sri Lanka Export Credit Insurance Corporation Act, No. 15 of 1978 ;
(xxxiii) the Sri Lanka Export Development Board established under the Sri Lanka Export Development Board Act, No. 40 of 1979 ;
(xxxiv) the Sri Lanka Ex-Servicemen's Association established by the Sri Lanka Ex-Servicemen's Association Law, No. 8 of 1976 ;
(xxxv) a company registered under Part VIII of the Companies Act, No. 17 of 1982, being profits and income arising to such company from a ship which is"
(i) engaged in international operations ;
(ii) owned or chartered by such company ; and
(iii) deemed to be a Sri Lanka ship by reason of a determination made under paragraph (c) of section 30 of the Merchant Shipping Act, No. 52 of 1971,
(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 ;
(c) the profits and income of"
(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. ship-owner or charterer and referred to in any agreement entered into between that Government and the Government of Sri Lanka ;
(iii) a foreign currency banking until from all off-shore transactions of the unit.
(d) the profits and income of a charitable institution, being"
(i) She profits of a business carried on by that institution if such profits are applied solely to a charitable purpose of that institution and"
(a) either the business is carried on in the course of the actual carrying out of a primary purpose of that institution or the work in connection with the business is mainly performed by beneficiaries of that institution ;
(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 to which grant was made ;
(e) the profits and income of any undertaking for operating yachts and pleasure crafts registered with the director of Merchant Shipping if such undertaking is -
(i) carried on by individuals who are not citizens of Sri Lanka or by a company the shares of which are owned entirety by individuals who are not citizens of Sri Lanka or by non resident companies , and
(ii) approved by the Minister
(f) the profits and income for any year of assessment of any unit trust or mutual fund if not less than seventy per centum of such profits and income are distributed to its unit holders before the expiry of one year from the end of that year of assessment

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