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srilawsby aturio
As enacted
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Part II

180. Negligent or fraudulent underpayment

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

Where tax is underpaid, as a result of an incorrect statement or a material omission in a taxpayer’s tax return, and that statement or omission is a result of intentional conduct or negligence on the part of the taxpayer, the taxpayer shall be liable to a penalty in the amount of—

(a)

twenty five per cent of the underpayment if paragraph (b) does not apply; or

(b)

seventy five per cent of the underpayment if the amount of the underpayment is —

(i)

higher than ten million rupees; or

(ii)

higher than twenty five per cent of the person’s tax liability for the period.

Read on from s 181

Schedules