Sri Lanka to exempt NRFC interest from income tax

ECONOMYNEXT – Sri Lanka plans to exempt from income tax interest earned on Non-Resident and Resident Forex (NRFC and RFC) according to changes proposed to the Inland Revenue Act that has been passed by the cabinet of ministers.

Finance Minister Mangala Samaraweera has proposed that the interest be exempt from November 15, 2018.

Remittances from working abroad will also be exempt up to a limit of 50 million rupees.  (Colombo/Jan09/2018)
 

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