13. The following new section is hereby inserted immediately after section 125A, and shall have effect as section 125B, of the principal Act: -
| 125B.
| | (1) The person having custody of the moneys lying in a specified provident fund to the credit of a contributor to such fund shall, when he makes payment of those moneys to that contributor, retain in his custody an amount equal to fifteen per centum of those moneys other than such part thereof as represents the contributions made by that contributor after April 1, 1954. The person who retains in his custody such amount shall notify the Commissioner of the amount so retained and deduct there from the sum which the Commissioner by notice in writing!: directs him to deduct and the sum deducted shall be paid to the Commissioner. Any balance left after the deduction of income tax may be paid to that contributor. | | |
| | (2) For the purposes of sub-section (1), " specified provident fund " means the Employees' Provident Fund established under the Employees Provident Fund Act, No. 15 of 1958, or any regulated provident fund. | | |
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Sri Lanka Consolidated Acts