Resident Guest (Tax Exemption)

Resident Guest (Tax Exemption) AN ACT TO EXEMPT CERTAIN CATEGORIES OF RESIDENCE visa HOLDERS FROM CERTAIN TAXES BE it enacted by the Parliament of the Democratic Socialist Republic of Sri Lanka as follows:- Short title and date of operation. 1. This Act may be cited as the Resident Guest (Tax Exemption) Act, No. 6 of 1979, and shall be deemed for all purposes to have come into operation on the first day of February, 1975. Exemption from income tax of certain profits and income of a Resident Guest. 2. (a) Such profits and income of a Resident Guest as do not arise in Sri Lanka ; and (b) the income accruing to a Resident Guest 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 chargeable under the Inland Revenue Act, No. 4 of 1963. Resident Guests exempted from expenditure tax. 3. The provisions of the Inland Revenue Act, No. 4 of 1963, relating to the imposition of the expenditure tax shall not apply to a Resident Guest. Certain property to be excluded from wealth of Resident Guest for the purpose of computing wealth tax. 4. (a) Such movable property of a Resident Guest as is outside Sri Lanka ; and (b) the moneys lying to the credit of a Resident Guest in any such account as is referred to in paragraph (b) of section 2. shall be excluded from his wealth for the purpose of computing the wealth tax payable by him under the Inland Revenue Act, No. 4 of 1963. No estate duty payable in respect of estate of a Resident Guest. 5. In the event of the death of a Resident Guest, no estate duty shall be payable under the Estate Duty Ordinance in respect of his estate. Interpretation. 6. In this Act unless the context otherwise requires ” commercial bank” has the same meaning as in the Monetary Law Act; ” Controller ” has the same meaning as in the Immigrants and Emigrants Act; and ” Resident Guest” means a person to whom a residence visa has been granted under the Immigrants and Emigrants Act by the Controller with the approval of the Minister in charge of the subject of Defence, on the Minister being satisfied that such person is a person of eminence in the field of culture or science or that such person intends to reside in Sri Lanka during his retirement.