4. Indemnification from certain taxes
Feedback & supportOfficial English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Any person to whom this Act applies and who has—
person
“person” includes a company, a body of persons or a partnership; Tax and Foreign Exchange Amnesty “relevant foreign currency” in relation to a person means foreign currency held on March 31, 1996 by such person outside Sri Lanka in violation of the provisions of the Exchange Control Act, being or being attributable to, profits and income or not being or not being attributable to profits and income, and which was acquired by him outside Sri Lanka by way of gift, donation, inheritance or any other manner whatsoever;
made any investment in accordance with the provisions of section 3(1)(5)(i) ; or
made any deposit in accordance with the provisions of section 3(1)(b)(1i) and paid the amnesty tax, thereon ;
and made the appropriate declaration referred to in section 5, shall not be liable—
{a) to pay—
any income tax or surcharge on income tax
payable respectively, under the law for the time being applicable to the imposition of income tax or the law for the time being applicable to the imposition of surcharge on income tax, as the case may be, in respect of such part of his profits and income for any year of assessment ending on or before
March 31, 1996, as is represented by the moneys invested in accordance with the provisions of section 3(1)(b) (i) or deposited in accordance with the provisions of section 3(1)(b) (it) and in relation to which the amnesty tax has been paid ;
any wealth tax or surcharge on wealth tax payable respectively, under the law for the time being applicable to the imposition of wealth tax or the law for the time being applicable to the imposition of surcharge on wealth tax, as the case may be, in respect of such part of his net wealth for any year of assessment ending on or before March 31,
1992, as had been acquired by the utilization of such part of his profits and income as is referred to in sub-paragraph (i) ; or any business turnover tax under the Finance
Act, No. 11 of 1963 or any turnover tax under the Turnover Tax Act, No. 69 of 1981 or any
National Security levy under the National
Security Levy Act, No. 52 of 1991, in respect of the turnover from which such part of the profits and income as is referred to in sub-paragraph (i) arose or was derived ; or
Tax and Foreign Exchange Amnesty
to a prosecution or to a penalty for any offence under—
the law for the time being applicable to the imposition of income tax or surcharge on income tax or wealth tax or the surcharge on wealth tax in relation to any year of assessment ending on or before March 31,
1996, in respect of, or in connection with, such part of his profits and income as is referred to in sub-paragraph (i) of paragraph (a) or such part of his net wealth as is referred to in sub-paragraph (ii) of paragraph (@) ;
the Finance Act, No. 11 of 1963 or the
Turnover Tax Act, No. 69 of 1981 or the
National Security levy Act, No. 52 of 1991
in respect of, or in connection with, such part of his turnover as is referred to in sub-paragraph (iii) of paragraph (a) ;
the Exchange Control Act, in respect of such part of the moneys so invested or so deposited as consists of moneys obtained by the conversion of any relevant foreign currency.