Sri Lanka Consolidated Acts

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Compulsory Savings Act (No. 6 of 1971) - Sect 12

Penalty

12. Where the amount of any instalment of a contribution is in default, the defaulter shall become liable to pay in addition to such amount- Provided that a defaulter shall not be required to pay the penalty under this section-
(a) a penalty of a sum equivalent to five per centum of such amount; and
(b) where such amount is not paid before the lapse of thirty days after such amount had begun to be in default, a penalty of a sum equivalent to one per centum of such amount in respect of each further period of thirty days or part thereof during which such amount is in default:
(a) if the defaulter proves to the satisfaction of the Commissioner that the failure to pay was due to circumstances beyond his control; and
(b) if the defaulter furnishes to the Commissioner a correct return of his income and pays the amount in default.


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