Debits Tax Act (No. 16 of 2002)

Sri Lanka Consolidated Acts

Commencement of liability to pay debits tax

4. The liability of a person to pay the debits tax shall-

(a) in the case of a debit from a current account maintained at a commercial bank, commence at the end of the month in which the debit was made ;

(b) in the case of an amount realized by the encashment of a certificate of deposit or travellers cheque, commence immediately upon such encashment.