122.
| (1) Every person chargeable with business turnover tax shall, in respect of the business carried on by him, pay such tax for any year of assessment in four instalments, each such instalment being in respect of the turnover for each period of three months (hereafter in this Part of this Act referred to as a " quarter ") in that year of assessment: |
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| (2) The business turnover tax in respect of any quarter in a year of assessment shall be paid not later than fifteen days after the expiry of that quarter. Any tax not so paid shall be deemed to be in default and the person by whom such tax is payable or, where any tax is payable by more than one person or by a partnership, then each of such persons and each partner in the partnership shall be deemed to be a defaulter for the purposes of this Part of this Act. |
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| (3) Where any business turnover tax is in default, the defaulter shall become liable to pay, in addition to such tax,-
| | (a) a penalty of a sum equivalent to five per centum of such tax, and | | |
| | (b) where such tax is not paid before the lapse of thirty days after such tax has begun to be in default, a penalty of a sum equivalent to one per centum of such tax in respect of each further period of thirty days or part thereof during which such tax is in default. | | |
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Sri Lanka Consolidated Acts