Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsPenalty for tax avoidance
| 141.Where the Commissioner-General is of the view, that any bank or financial institution which issues any debt security, or a company which issues corporate debt security, not deducting tax in accordance with the provisions of section 133, he shall after affording such bank, financial institution or any such company which issues corporate debt security an opportunity to show cause and where he is satisfied that there has been a contravention of the provisions of sections 133, impose on such bank or financial institution or the company which issues such debt security, a penalty of a sum equivalent to five hundred per centum of the tax avoided by the contravention of the provisions of such section. |