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Withholding tax imposed on depositors below lower-income brackets to be refunded: Govt.
Colombo, December 26 (Daily Mirror)- The government is formulating a mechanism to provide relief to depositors who had to pay 10 percent withholding tax whereas they earn less than Rs. 150,000 deposit interest a month, Minister of Labour Anil Jayantha said today.
He told a news conference that the Inland Revenue Department will release the mechanism soon on how the concerns of the affected depositors will be addressed.
Responding to a question whether the recently increased 10 percent withholding tax is charged from all depositors now, the Minister said 10 percent is charged from all depositors at the moment.
The Minister said however, the new mechanism will include measures to provide relief to the depositors who are below the income bracket.
"It is true that depositors whose monthly deposit interest is below Rs. 150,000 also have to pay 10 percent withholding tax until the new mechanism is formulated. The new mechanism will introduce measures to exempt depositors below Rs. 150,000 monthly deposit interest and to pay back the interest charged from those in the lower-income brackets," he said.
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