Inland Revenue Act 2006 · As enacted · Chapter III · Exemption from Income Tex
12. Exemption from income tax of certain subsidies
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
There shall be exempt from income tax any sum paid to any person as a subsidy or grant–
out of the Capital Fund, established under the Sri
Lanka Tea Board Law, No. 14 of 1975;
out of the rubber Replanting Subsidy Fund, established under the Rubber Replanting Subsidy
Act, (Chapter 437) :
by the Coconut Cultivation Board, established under the Coconut Development Act, No. 46 of 1971;
by the Ministry of the Minister in charge of the subject of Fisheries , for the purchase by such person of fishing boats, marine engines, fishing gear and other fishing equipment;
out of the Export Development Fund, established by the Sri Lanka Export Development Act, No. 40
of 1979;
under any other scheme for the planting or replanting of any other agricultural plant ;
out of the Mill Development Fund, administered by the Coconut Development Authority established under the Coconut Development Act, No. 46 of 1971, for the modernization of machinery.
Chapter IV
Ascertainment of Profits or Income
Chapter V
Ascertainment of Total Statutory Income
Chapter VI
Ascertainment of Assesable Income
Chapter VII
Ascertainment of Taxable Income
Chapter VIII
Chapter IX
Special Provisions Relating to the Taxation of Certain Profits and of Dividends Out of Such Profits
Chapter X
Companies
Chapter XI
Special Cases a – Children
Chapter XII
Chapter XIII
Payment of Tax by Self-Assessment
Chapter XIV
Deduction of Income Tax from Remuneration of Employees by Employers
Chapter XV
Provisions Relating to the Payment of Income Tax by a Government Institution
Chapter XVI
Deductions from Interest Paid by Banks and Financial Institutions
Chapter XVII
Deduction of Income Tax from Specified Fees Paid by Specified Persons
Chapter XVIII
Chapter XIX
Chapter XX
Deduction of Income Tax from Any Annuity or Royalty Paid or Any Management Fee Paid or Similar Payment Made by Any Person or Partnership
Chapter XXI
Retention of Moneys in Certain Provident Funds
Chapter XXII
Assessments
Chapter XXIII
Appeals A-Appeals to the Commissioner-General
Chapter XXIV
Finality of Assessments and Penalty for Incorrect Returns
Chapter XXV
Tax in Default and Sums Added Thereto
Chapter XXVI
Recovery of Tax
Chapter XXVII
Miscellaneous
Chapter XXVIII
Repayment
Chapter XXIX
Penalties and Offences
Chapter XXX
Administration
Chapter XXXI
General
Chapter XXXII
Interpretation
Chapter XXXIII