Sri Lanka, April 1 -- The Inland Revenue Department has issued a circular to prevent the collection of 10% withholding tax on interest income from individuals who do not earn an annual income of Rs. 1.8 million.

According to the department, those exempt from this tax can submit a self-declaration to banks or financial institutions to avoid deductions. The circular outlines the necessary steps to prevent withholding tax collection from such individuals.

Eligible individuals, whose income for the current and next assessment year does not exceed Rs. 1.8 million, can submit a valid self-declaration.

For further information, individuals can visit the nearest Inland Revenue Department regional or city office or contact the department via the...