Hon. (Dr.) Sandaruwan Madarasinghe
Hon. (Dr.) Sandaruwan Madarasinghe supported the Bill, stating that it sets clear limits to prevent tax evasion while exempting death compensation and life insurance payouts from tax, except for related transactions. He highlighted amendments connected to the Universities Act No. 16 of 1978, under which donations to State universities would be exempt from income tax and capital gains tax, and said the measures would simplify and improve the efficiency of the tax process.
Verbatim record (translated)
Machine-translated from Sinhala / Tamil / English¶ 01 I will conclude, Hon. Deputy Chairperson of Committees.
¶ 02 Under this Bill, limits have been clearly set to prevent tax evasion. In particular, no tax will be levied on compensation received on account of death, nor on life insurance payouts. Taxation related to life insurance will apply only to other associated transactions.
¶ 03 Further, under the Universities Act No. 16 of 1978, the taxation regime on donations to a university has been changed. Generally, even if one makes a “donation” to a university, its value has been taken into account for tax purposes; however, there is now a change. If given to a State university, exemption has been provided from income tax and from capital gains tax.
¶ 04 Hon. Deputy Chairperson of Committees, these amendments remove complexities in the tax process and improve its efficiency. I believe this Bill introduces a series of very important measures toward those ends.
¶ 05 Thank you very much.
Provenance
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- Hansard, Tuesday, 19 May 2026 ·No. 23608 ·English daily/uncorrected Hansard
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/lk/speeches/29230
Cite as: Hon. (Dr.) Sandaruwan Madarasinghe. 10th Parliament, Parliament of Sri Lanka. Hansard, 19 May 2026. No. 23608. Politick, https://staging.politick.io/lk/speeches/29230