May 07, 2018

5% tax on Children's Savings accounts?

The National Movement For Consumer Rights Protection states that the government is charging a 5% tax on the interest of Children's Savings accounts from April 01 onwards.

In a media release, the movement says that this is the first time a tax was imposed on Children's Savings accounts.

Noting that this tax could also lead to less public savings, the movement urges the government scrap this tax.

The media release issued in Sinhala is shown below :

Realese Bank intrest 1

Realese Bank intrest 2