114.
| (1) The person having custody of the moneys lying in a specified provident fund to the credit of a contributor to such fund who is liable to income tax on any part of such moneys, shall, when he makes payment of these moneys to that contributor, retain in his custody an amount equal to fifteen per centum of those moneys other than such part thereof as represents the contributions made by that contributor after April 1, 1954. The person who retains in his custody such amount shall notify the Commissioner-General of the amount so retained and deduct therefrom the sum which the Commissioner-General by notice in writing directs him to deduct in respect of any tax payable under any law administered by the Commissioner-General and the sum so deducted shall be paid to the Commissioner-General Any balance left after such deduction shall be paid to that contributor. |
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| (2) For the purpose of subsection (1), "specified provident fund" means the Employees' Provident Fund established under the Employees' Provident Fund Act, No. 15 of 1958, or any regulated provident fund. |
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Sri Lanka Consolidated Acts