Several income categories exempted from Withholding Tax

January, 10, 2019

Taking into consideration the requests made by different parties, the proposal made by Hon. Mangala Samaraweera, the Minister of Finance & Mass Media to amend the Inland Revenue Act, No.24 of 2017, to exempt the Withholding Tax imposed on the Interest Income of the children's savings, Earnings from the Government Securities, Interest on loans of non residents, Royalty, Leasing of Air crafts and to reduce the tax percentage on Withholding Tax on rent, was approved by the Cabinet.