Monday August 26, 2019

Sri Lanka lifts withholding tax from children's bank accounts

May 10, 2018 21:44 PM GMT+0530 | 0 Comment(s)

ECONOMYNEXT - Sri Lanka has decided to lift withholding tax from minor's bank accounts until they are 18 years, Finance Minister Mangala Samaraweera said.

Samaraweera said under the earlier Rajapaksa administration children's accounts were taxed at 2.5 percent for interest above 5,000 rupees.

Under tax reforms effective from April 2018, bank deposits were to be taxed at 5 percent.

But the government had now decided to lift the tax, he said. (Colombo/May10/2018)


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