Minister of Labor and Deputy Minister of Economic Development Professor Anil Jayantha Fernando admitted at a media briefing that every bank is taking steps to deduct the 10% withholding tax from all fixed diposits.
He said that even if it is deducted, the government will come up with a mechanism in the future to return the money to those who do not have to pay tax. Accordingly, he said that it is expected to repay the money collected from fixed depositors who do not fall within the minimum tax collection limit.
Accordingly, the explanation of the Minister confirmed that there is currently no mechanism for the Inland Revenue Department to recover the money deducted from those who are not subject to tax from the relevant depositors.