5.
| (1) Upon receipt of a declaration made under section 3 by any person to whom this Act applies or upon surrender by any such person of all or any part of the property specified in such declaration, the Commissioner shall, by notice in writing served personally on such person or sent by registered letter through the post to such person, require such person to pay as tax to the Commissioner, within such time as may be specified in the notice, an amount equal to one-third the total value of the property specified in such declaration. |
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| (2) In the determination of the amount which a person to whom this Act applies is required to pay as tax; the Commissioner is not bound to accept the valuation of articles of value specified in the declaration made by such person and he may increase such valuation if he considers it reasonable so to do. |
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| (3) A person to whom this Act applies may, in lieu of paying tax as required by the Commissioner, authorize the Commissioner to appropriate such portion of the property specified in the declaration made under section 3 by such person or surrendered by such person as is equivalent in value to the amount of the tax, and upon such appropriation tax shall be deemed to have been paid by such person. |
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Sri Lanka Consolidated Acts