Sri Lanka lifts withholding tax from children’s bank accounts

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)