Sri Lanka Consolidated Acts

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Finance Act (No. 65 of 1961) - Sect 18

Imposition and levy of surtax and payment of balance surplus income to Commissioner. [ 2, 9 of 1962.] [ 3, 3 of 1963.]

18.
(1) There shall be charged and levied for the year of assessment commencing on April 1, 1962, from every individual specified in column I of the Second Schedule to this Act (hereinafter referred to as an individual to whom this Part applies) a tax (hereinafter referred to as the " surtax ") at the rate of fifty per centum of the amount by which his net income exceeds the sum specified in the corresponding entry in column II of that Schedule.
(2) Every individual to whom this Part applies shall pay the balance of such amount as is referred to in subsection (1), after payment of the surtax, to the Commissioner within thirty days after the date of a notice sent by the Commissioner demanding payment of such balance. The sum so paid as such balance to the Commissioner shall be credited by him to the National Development Fund:

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