View All - 1970 Acts Section No : Acts & Ordinances BANK DEBITS TAXMarginal Notes1. This Act may be cited as the Bank Debits Tax Act, No. 27 of 1070, and shall come into operation on such date as the Minister may appoint by Order published in the Gazette,2. Charge of tax on debits again current accounts. 3. Exemptions from the tax. 4. Liability to pay the tax. 5. Collection and remittance of the tax. 6. Expenses of collection and remittance of the tax. 7. When the tax due from a person is deemed to be in default and is to be a charge on all his assets. 8. Proceedings for recovery of the tax in default. 9. Behind of sums paid or recovered as the tax on debits that are exempted from the tax. 10. Powers conferred on the Central Bank of Ceylon for the purposes of this Act. 11. Procedure for opening a special current account. 12. Punishment for false declaration made for opening a special current account, and recovery of the tax on debits made against that account. 13. Closure of a special current account on Minister's order. 14. Punishment for noncompliance with provisions of this Act by a commercial bank. 15. Certificate relating to total amount of debits &c, to be sent to the Deputy Secretary to the Treasury every three months. 16. Regulations. 17. Interpretation.