The Inland Revenue Department says that individuals earning an annual income of less than Rs. 1.8 million can claim interest on deposits or advance income tax relief.
The department points out that individuals who wish to claim the relevant tax relief should submit a self-declaration to banks or financial institutions for the purpose.
The Inland Revenue Department has informed banks and financial institutions to implement a 10 percent advance income tax reduction on interest or discount payments due to any depositor from today (01).
Meanwhile, the government has also taken steps to revise the collection of personal income tax with effect from today. It is stated that the personal income tax imposed on a person earning a monthly income of Rs. 100,000 has been increased to Rs. 150,000 from today.
Accordingly, the government points out that many low-income earners will be eligible for tax relief.
Meanwhile, according to the amendments to the Inland Revenue Act, the 15% tax on earnings from services provided to foreign countries will also be implemented from today.
In addition, the stamp duty applicable to the lease or rental agreement of a property has also been increased from today.
The Ministry of Finance stated that a stamp duty of Rs. 10 was levied for Rs. 1,000 or part thereof, and from today, that fee has been increased to Rs. 20.