16. Exemption of certain profits and income of any resident guest

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

The profits and income of any resident guest—

(a)

not being profits and income arising in or, derived from Sri Lanka ; and

(b)

accruing from moneys lying to his credit in any account opened by him in a commercial bank for the deposit of sums remitted to him in foreign currency from any country outside Sri Lanka, shall be exempt from income tax.

(2)

For the purpose of this section “resident guest” means a person to whom a tax exemption has been granted under the Resident Guest (Tax Exemption) Act, No. 6 of 1979.

Read on from s 17

Chapter IV

Ascertainment of Profits or Income

Read on from Chapter IV

Chapter V

Ascertainment of Total Statutory Income

Read on from Chapter V

Chapter VI

Read on from Chapter VI

Chapter VII

Ascertainment of Taxable Income

Read on from Chapter VII

Chapter VIII

Rates of Income Tax on Persons Other Than Companies

Read on from Chapter VIII

Chapter IX

Special Provisions Relating to the Taxation of Certain Profits and of Dividends Out of Such Profits

Read on from Chapter IX

Chapter X

Companies

Read on from Chapter X