Inland Revenue Act 2006 · As enacted · Chapter XVI · Deductions from Interest Paid by Banks and Financial Institutions
141. Penalty for tax avoidance
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
Where the Commissioner-General is of the view, that any bank or financial institution which issues any debt security, or a company which issues corporate debt security, not deducting tax in accordance with the provisions of section 133, he shall after affording such bank, financial institution or any such company which issues corporate debt security an opportunity to show cause and where he is satisfied that there has been a contravention of the provisions of sections 133, impose on such bank or financial institution or the company which issues such debt security, a penalty of a sum equivalent to five hundred per centum of the tax avoided by the contravention of the provisions of such section.
Chapter XVII
Deduction of Income Tax from Specified Fees Paid by Specified Persons
Chapter XVIII
Chapter XIX
Chapter XX
Deduction of Income Tax from Any Annuity or Royalty Paid or Any Management Fee Paid or Similar Payment Made by Any Person or Partnership
Chapter XXI
Retention of Moneys in Certain Provident Funds
Chapter XXII
Assessments
Chapter XXIII
Appeals A-Appeals to the Commissioner-General
Chapter XXIV
Finality of Assessments and Penalty for Incorrect Returns
Chapter XXV
Tax in Default and Sums Added Thereto
Chapter XXVI
Recovery of Tax
Chapter XXVII
Miscellaneous
Chapter XXVIII
Repayment
Chapter XXIX
Penalties and Offences
Chapter XXX
Administration
Chapter XXXI
General
Chapter XXXII
Interpretation
Chapter XXXIII