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As enacted
Contents

Part II

184. Transfer pricing penalties

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

Where any person fails to comply with the requirements, of section 76 or 77 in relation to transactions with associated enterprises, the Commissioner-General may impose on such person—

(a)

a penalty of a sum not exceeding one per centum of aggregate value of transactions with associated enterprises, where required documents have not been maintained;

(b)

a penalty of a sum not exceeding two hundred and fifty thousand rupees, where required documents have not been submitted;

(c)

a penalty of a sum not exceeding two per centum of aggregate value of transactions with its associated enterprises, in case of non-disclosure of any required information;

(d)

a penalty of a sum not exceeding one hundred thousand rupees, where required documents have not been submitted on the specified date; or

(e)

a penalty of two hundred per centum of the value of additional tax where such person has—

(i)

concealed the particulars of his income, or furnished inaccurate particulars of such income; and

(ii)

sought to evade by reason of concealment of particulars of his income or the furnishing of inaccurate particulars of such income, and by notice in writing require such associated enterprise, to pay such penalty within such period as may be specified in such notice.

Read on from s 185

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