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Part IV · Impostion of Crop Insurance Levy

14. Imposition of Crop Insurance Levy

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

With a view of covering the damages suffered by the farmers of Sri Lanka due to natural disasters , there shall be charged and levied from every institution coming under the purview of the Acts specified in the Schedule hereto, a levy of one per centum to be called the Crop

Insurance Levy (hereinafter in this Part referred to as “ the levy” ) on the after tax profits of such institutions.

(2)

The levy imposed under this Part shall be remitted to a separate account maintained and administered by the

National Insurance Trust Fund Board established by the

National Insurance Trust Fund Act, No. 28 of 2006 .

(3)

The provisions which may be necessary in the implementation of the provisions of this Part shall be prescribed by regulations under this Act.

Read on from s 15

Schedules