Sathosa
Nov 25, 2018

Changes to withholding tax on fixed deposits Featured

There will be changes to the five per cent withholding tax on fixed deposits from December 01 on the instructions of Mahinda Rajapaksa, treasury secretary S.R. Attygalle says.

FDs held by those below 18 years of age will be exempt from this tax, while the annual interest income of up to Rs. three million by senior citizens will too, be exempted.

Also, depositors aged between 18 and 60 will have their annual interest income of up to Rs. 600,000 free of withholding tax.

However, economists say very few of the depositors will benefit from these steps.

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