The withholding tax on interest earned from children's savings accounts up to the age of 18 will not be levied, Minister of Finance and Media Mangala Samaraweera said yesterday. Samaraweera pointed out that under the Rajapaksa regime however, children's savings accounts were taxed at 2.5 percent for interest above LKR 5,000.
The minister also announced that the author’s royalty fee from publishers below the amount of LKR 50,000 per month or LKR 500,000 per year will be exempted from taxes.
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