32. Section 125 of the principal enactment is hereby amended in subsection (2) of that section by the substitution for all the words from " Where any tax payable " to " during which it is in default; " of the following :" " Where any tax payable by any person for any year of assessment is in default the defaulter shall"
| (a) where such year of assessment is any year of assessment ending on or before March 31, 1992, in addition to the tax in default pay"
| | (i) a penalty of sum of a sum equivalent to five per centum in default; and sum equivalent to five percent mount in default; and | | |
| | (ii) where any amount in default is not paid before the expiry of thirty days after it has begun to be in default a further sum equivalent to five per centum of the tax in default in respect of each further period of three months or part of such period during which it is default; and | | |
|
|
| (b) where such year of assessment is any year of assessment commencing on or after April 1, 1992, in addition to the tax in default pay"
| | (i) a penalty of a sum equivalent to ten per centum of such tax ; and | | |
| | (ii) 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:". | | |
|
|
|
Sri Lanka Consolidated Acts