178. Late filing of tax return

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

A person who fails to file a tax return on or before the date by which filing is required shall be liable to pay a penalty equal to the greater of—

(a)

five per cent of the amount of the tax owing, plus a further one per cent of the amount of tax owing for each month or part of a month during which the failure to file continues; and

(b)

fifty thousand rupees plus a further ten thousand rupees for each month or part of a month during which the failure to file continues.

(2)

The amount of the penalty in respect of a given tax return under subsection (1) shall be limited to four hundred thousand rupees.

(3)

The penalty under this section shall be treated as an addition to the tax liability for the tax period to which the return relates and may be assessed and collected in the same manner as the tax for that period.

Read on from s 179

178. Late filing of tax return

Schedules