Sri Lanka Consolidated Acts

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S.W.R.D. Bandaranaike National Memorial Foundation Law (No. 2 of 1975) - Sect 14

Exemption of Foundation from certain duties and taxes

14.
(1) The Foundation shall be exempt from the payment of any customs duty on any goods imported by the Foundation.
(2) The Foundation shall be exempt from any income tax or wealth tax payable under the Inland Revenue Act, No. 4 of 1963.
(3) The Foundation shall be exempt from the payment of any rates under the Municipal Councils Ordinance,
(4) Where any person makes a gift to the Foundation he shall be exempt from the payment of gifts tax under the Inland Revenue Act, No. 4 of 1963, to the extent of the total value of the gift.
(5) Where any person makes a donation to the Foundation such donation shall be deemed to be an approved donation for the purposes of the Inland Revenue Act, No. 4 of 1968, and the donor shall be entitled to relief under that Act in respect of the total value of such donation.
(6) The provisions of this section shall have effect notwithstanding anything to the contrary in the Inland Revenue Act, No. 4 of 1963, and the Municipal Councils Ordinance.

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