Sri Lanka, Feb. 17 -- The government has announced new provisions that will impact senior citizens and individuals with lower assessable incomes.
Financial institutions will not deduct withholding tax on interest paid on deposits made by senior citizens, provided their assessable income from all sources does not exceed Rs.1,800,000/- for any year of assessment. Senior citizens must submit a declaration to the financial institution confirming their assessable income to avail of this benefit.
Any individual, other than senior citizens, whose assessable income from all sources does not exceed Rs.1,800,000/- for any year of assessment, will be entitled to a refund of withholding tax (WHT) deducted on interest. This is under the existing refun...