7.
| (1) Where a contribution or part thereof payable by a person to whom this Act applies is not paid on or before the date specified in subsection (2) of section 3 for the payment of that contribution, such contribution or a part thereof, or where any contribution or part thereof If assessed by an Assessor, for any relevant quarter, and required to be paid on or before the date specified in the notice of assessment, is not so paid, such contribution or part thereof, shall be deemed to be in default, with effect from the date specified in subsection (2) of section 3 or the date specified in such notice of assessment, as the case may be, and such person shall be deemed to be a defaulter for the purposes of this Act, with effect from that date, |
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| (2) Where any contribution or part thereof is in default the defaulter shall, in addition to the contribution or par-thereof in default, pay-
| | (i) a penalty of a sum equivalent to tea per centum of the amount in default ; and | | |
| | (ii) where such contribution is not paid before the expiry of thirty days after it has begun to be to default a further, penalty equivalent to two per centum of the contribution in default in respect of each further period of thirty days or part thereof during which it remains in default ; | | |
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Sri Lanka Consolidated Acts