3.Section 4 of the principal enactment is hereby amended by the repeal of subsection (3) of that section and the substitution therefor of the following subsections :
| "(3) Where any instalment of the levy is in default and
| | (a) the default is in respect of an instalment payable in any year commencing on or after April 1, 1988 but prior to April 1, 2001, the defaulter shall, in addition to the instalment in default, pay as penalty
| | | (i) a sum equivalent to ten per centum of the instalment in default; and |
| (ii) where the instalment in default is not paid before the fifteenth day of the month succeeding the month in which such instalment had begun to be in default, a further sum equivalent to two per centum of the instalment 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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| | (b) the default is in respect of an instalment payable in any year commencing on or after April 1, 2001, the defaulter shall in addition to the instalment in default, pay as penalty, a further sum equivalent to thirty three and one third per centum of the instalment in default, in respect of each period ending on the fifteenth day of each month, succeeding the month in which the instalment had begun to be in default or part of such period during which the instalment is in default: | | |
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| (3A) The Commissioner-General may reduce or waive any penalty payable under subsection (3), if the Commissioner - General is satisfied that by reason of any special circumstances in which the default occurred, a reduction or waiver of such penalty would be just and equitable.". |
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Sri Lanka Consolidated Acts