To be a professional organization acceptable and recognized by everyone in the society with a discipline committed membership to serve the nation in every possible manner for the economic, social development of the country.
To render highest level of professionalism in the field of valuation by the members with creativity, dignity, integrity and honesty in order to make the valuation profession a respectable and acceptable one to all.
Budget Speech of November 1971
The role of the Valuer in a developing economy has hitherto not been fully appreciated. The Chairman of the Public Accounts Committee has drawn attention of this House to this matter more than once. In a developing country such as ours, town planning and proper land utilisation are of great importance, and the Valuer has a key role to play in this field. He also has a very important function in revenue enforcement. I am referring to the implementation of such taxes as Estate Duty, Wealth Tax and Capital Levy. I, therefore propose to examine the feasibility of setting up an Institute of Valuers in Ceylon, to regulate the activities of this profession, and to organise a Course of Study similar to the Course in Estate Management presently conducted by British Universities.Hon. Minister of Finance, Dr. N. M. Perera (Budget Speech November 1971)
Finally, the National State Assembly established the Institute of Valuers of Sri Lanka under Law No. 33 of 1975.
The First Council
Affairs of the Institute is administered by a Council which is responsible for exercising and carrying out the powers, functions and duties of the Institute.