4.
| (1) A person liable to pay the levy under this Act shall pay such levy, to the Commissioner-General in four equal instalments, on or before the fifteenth day respectively of July, October and January in that year and the fifteenth day of April of the succeeding year: |
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| (2) Where any person liable to pay the levy under this Act fails to pay any installment thereof on or before the date specified or determined, under subsection (1), for the payment thereof, the installment shall be deemed to be in default and such person shall be deemed to be a defaulter, for the purposes of this Act. |
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| (3) Where any installment of the levy is in default, the defaulter shall, in addition to the installment in default, pay as penalty
| | (a) a sum equivalent to ten per centum of the installment in default; and | | |
| | (b) where any installment in default is not paid before the fifteenth day of the month succeeding the month in which such installment has begun to be in default, a further sum equivalent to two per centum of the installment in default in respect of each period ending on the fifteenth day of each succeeding month or part of such period during which it is in default: | | |
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| (4) Any installment in default together with such penalty as is referred to in subsection (3) of this section may be recovered from the person who is the defaulter. |
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| (5) The provisions of Chapters XI and XII and sections 40, 41, 42, 43 and 57 of the Turnover Tax Act, shall, mutatis mutandis, apply to the payment and recovery of any installment of the levy payable under this Act, |
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Sri Lanka Consolidated Acts