3. Amendment of section 16 of the principal enactment
Feedback & supportOfficial English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Section 16 of the principal enactment is hereby amended as follows :—
by the repeal of subsection (9) of that section, and the substitution therefor of the following subsection :—
,
“ (9) Where the whole or a part of a quarterly instalment of the contribution is in default, the defaulter shall, in addition to the amount in default, pay as a penalty—
oe
a sum equivalent to five per centum of the amount in default, and
where the amount in default is not paid before the expiry of thirty days after it has begun to be in default, in respect of each further period of thirty days or part of such period during which it is in default, a further sum equivalent to one per centum of the amount in default
:
Provided that the total sum payable as a
. penalty under the preceding provisions of this subsection shall in no case exceed 2—¢ 47536—10,800 (80/01)
yet ee twenty five per centum of the amount in default.”
; and
by the addition, at the end of that section, of the following new subsection
:—
“ (10) The Commissioner-General may waive or reduce any penalty payable under this section, if he is satisfied that by reason of any special circumstances in which the default wag made a waiver or reduction of such amount would be just and equitable.”.
The amendment made in section 16 of the principal enactment by paragraph (b) of subsection (1) of this section shall be deemed for all purposes to have come into force on April 1, 1972, and accordingly, shall apply to every year of assessment commencing on or after that date.