129. Where any income tax for any year of assessment payable by a bank or financial institution under the provisions of this Chapter is in default, such bank or financial institution shall pay in addition to such tax"
| (a) a penalty of a sum equivalent to ten per centum of such tax; and |
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| (b) where such tax is not paid before the expiry of thirty days after it has begun to be in default, a further penalty of a sum equivalent to two per centum of the tax in default in respect of each further period of thirty days or part thereof during which it remains in default: |
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Provided that"
| (a) the Commissioner-General may waive or reduce the amount of any such penalty payable by such bank or financial institution, if such bank or financial institution proves to the satisfaction of the Commissioner-General that the failure to pay was due to circumstances beyond its control and that it has paid the tax in default and has furnished the declaration required to be furnished at the time of such payment; and |
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| (b) the total amount payable as penalty under the preceding provisions of this section shall, in respect of the tax in default for any year of assessment, not exceeding fifty per centum of the tax in default |
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Sri Lanka Consolidated Acts