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Yahapalanaya : 5% Tax on interest and even money sent by Foreign Workers ? While More Duty Free permits ..

Tax on interest income from 2017 budget | The Sunday Times Sri Lanka: The 5 per cent tax cut on interest income of savings accounts in banks and other financial institutions as withholding tax (WHT ) will come into effect from April 1, (April’s Fools Day), according to a circular issued by the Inland Revenue Department (IRD) to all banks and financial institutions last week.

The confusion arose since this was not a proposal in last year’s budget but one made in the 2017 budget presented to parliament by then Finance Minister Ravi Karunanayake in November 2016 ahead of the enactment of IRD bill which was devised with the assistance of the IMF.

The 5 per cent WHT on interest income is being enforced for the first time on foreign remittances which applies to export earnings and remittances of Sri Lankan migrant workers, several bank officials said.

The proposal which was scheduled to be implemented under the IRD Act had been delayed as it was challenged at the Supreme Court in July 2017.
Yahapalanaya : 5% Tax on interest and even money sent by Foreign Workers ? While More Duty Free permits ..SocialTwist Tell-a-Friend

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