4.
| (1) Where an installment of the surcharge or a part of such installment is not paid on or before the date s specified in section 3 for the payment of that installment, such installment of the surcharge or part thereof, shall be deemed to be in default and the person by whom the surcharge is payable shall be deemed to be a defaulter for the purposes of this Act. |
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| (2) Where any surcharge payable by any person is in default, the defaulter shall, in addition to the surcharge in default, pay as a penalty
| | (a) a sum equal to five per centum of the amount in default ; and | | |
| | (b) 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 amount in default in respect of each further period of three months or part of such period during which it is in default: | | |
| | (aa) for the relevant year commencing on April 1, 1989-
| | | (i) not less than 71/2 per cent on or before August 15, 1990 ; and |
| (ii) not less than 71/2 per cent on or before November 15, 1989 |
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| | (bb) for the relevant year commencing on April 1, 1950
| | | (i) not less than 71/2 per cent on. or before August 15, 1990 ; and |
| (ii) not less than 11 per cent on or before November 15,1990 |
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| (3) The Commissioner-General may reduce or waive any penalty payable under this section if it appears to him that such reduction or waiver is just and equitable in all the circumstances of the case, |
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Sri Lanka Consolidated Acts