Volume VII
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Arrangement of Sections

1. Short title.

2. Incorporation of the Sri Lanka institute of Taxation.

3. General objects of Corporation.

4. Powers of the Corporation.

5. Management of the affairs of the Corporation.

6. Eligibility for membership of the Corporation.

7. Financial provisions.

8. Rules of the Corporation.

9. Use of titles after name.

10. Restrictions as to use of titles.

11. Debts due by and payable to the Institute.

12. Corporation may hold property movable and immovable.

13. Limit of liabilities of members of the Corporation.

14. Seal of the Corporation.

15. Saving of the rights of the Republic and others.

16. Sinhala text to prevail in case of inconsistency.

21 of 2000.

AN ACT to incorporate the Sri Lanka Institute of Taxation.

[Date of Commencement: 19th June, 2000]

1. Short title.

This Act may be cited as the Sri Lanka Institute of Taxation (Incorporation) Act.

2. Incorporation of the Sri Lanka institute of Taxation.

From and after the date of commencement of this Act, such and so many persons as now are members of the Sri Lanka institute of Taxation (hereinafter referred to as "Institute”) or shall hereinafter be admitted members of the Sri Lanka Institute of Taxation, shall be a body corporate (hereinafter referred to as the "Corporation'') with perpetual succession, under the name and style "Sri Lanka Institute of Taxation” and by that name may sue and be sued in all courts with full power and authority to have and use a common seal and alter the same at its pleasure.

3. General objects of Corporation.

(1) The general objects for which the Corporation is established are hereby declared to be—

(a) to create awareness in the field of taxation among the members of the public and to promote and advance the study of the law and practice of taxation and the principles of economic and political science in relation to taxation and public finance

(b) to hold examinations and to grant certificates to persons who have satisfied the Examiners and the Council of the Corporation as to their knowledge and ability in the subject of taxation;

(c) to formulate a code of conduct to be observed by the members of the Corporation for the purposes of regulating the professional conduct of its members;

(d) to promote and co-ordinate the dissemination of tax awareness and knowledge with the respective revenue authorities of Sri Lanka;

(e) to facilitate the exchange of information and views on taxation and the creation of a well informed public opinion on the subject;

(f) to provide opportunities for the acquisition and dissemination of useful information concerning taxation in Sri Lanka and other countries;

(g) to make recommendations to the Government for the improvement or simplification of the tax law and practice and to highlight anomalies in laws relating to taxation and to comment on proposed changes in the laws.

4. Powers of the Corporation.

The Corporation shall have the power—

(a) to conduct and provide for the conduct of qualifying examinations for membership of the Corporation and approve courses of study for such examinations;

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