13. Imposition of Construction Industry Guarantee Fund Levy

There shall be imposed with effect from the year commencing on January 1, 2005 and for every year thereafter, a levy to be called the Construction Industry Guarantee Fund

Levy on every construction contract enforced in Sri Lanka by every construction contractor on their contract value arising from any contract entered into on or after that date, calculated at the rates set out in the Second Scheule to this

Act. The percentage of the Construction Industry Guarantee

Fund Levy so calculated shall be based on the total cost which shall be payable by each contractor or sub-contractor as the case may be, even if the individual sub-contract value is lower than the amounts specified in the Second Schedule to this Act.