Ceiling On Income And Compulsory Savings (Amendment) Law (No. 22 of 1975)

Sri Lanka Consolidated Acts

Amendment of section 12 of the principal enactment

3. Section 12 of the principal enactment is hereby amended as follows: -

(a) by the renumbering of that section as subsection (1) of section, 12:

(b) in the renumbered subsection (1), by the substitution , for the words for any year of assessment of the following: -

(b) by the addition, immediately after subsection (1), of the following new subsection: -

	"(2) The normal contribution payable under this Law for any year of assessment commencing on or after April 1, 1974, by an individual who is the head of a family or who is not included in a family shall not be more than eighty per centum of the amount by which his total income for that year of assessment exceeds eighteen thousand rupees.