Surcharge On Wealth Tax

BE it enacted by the Parliament of the Democratic Socialist Republic of Sri Lanka as follows:

1. This Act may be cited as the Surcharge on Wealth Tax Act, No. 25 of 1982.

2. Every person chargeable with wealth tax for the year of assessment commencing on April 1, 1981, shall, not withstanding anything contained in any written law or in any convention, grant or agreement, be liable to pay a surcharge equivalent to ten per centum of the wealth tax payable by him for that year of assessment.

3. Every person liable to pay a surcharge under section 2 shall, notwithstanding the fact that an assessment has not been issued to him, pay to the Commissioner-General, not less than fifty per centum of the amount of the surcharge payable by him on or before July 15, 1982, and the balance, on or before November 30, 1982.

4. The provisions of Chapter XIII and Chapters XVII to XXVI of the Inland Revenue Act relating to the furnishing of returns, assessment, appeals against assessment, payment, recovery and refund of wealth tax shall, mutatis mutandis, apply to the furnishing of returns, assessment, appeals against assessment, payment, recovery and refund of the surcharge payable under section 2.

5. In this Act, unless the context otherwise requires

” Commissioner-General” has the same meaning as in the Inland Revenue Act;

” Inland Revenue Act” means the Inland Revenue Act, No. 28 of 1979 ;

“wealth tax” means the wealth tax charged and levied under the Inland Revenue Act; and

“year of assessment” has the same meaning as in the Inland Revenue Act.