Surcharge On Wealth Tax



Surcharge On Wealth Tax
AN ACT TO IMPOSE A SURCHARGE ON EVERY PERSON CHARGEABLE WITH WEALTH TAX FOR THE YEAR OF ASSESSMENT COMMENCING ON APRIL 1, 1981 BY REFERENCE TO THE WEALTH TAX PAYABLE BY SUCH PERSON FOR THAT YEAR OF ASSESSMENT ; AND TO PROVIDE FOR MATTERS CONNECTED THEREWITH OR INCIDENTAL THERETO.

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

[10th August
, 1982
]
Short title.

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

Imposition of surcharge on wealth tax.

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.

Date for payment of surcharge.

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.

Certain provisions of the Inland Revenue Act to apply.

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.

Interpretation.

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.