The withholding tax on interest on savings accounts will be removed from today, the Ministry of Finance said.
Accordingly, the 5 percent withholding tax that was levied on interest on savings accounts has been abolished.
Meanwhile, a person earning more than Rs. 100,000 per month was liable to pay tax and the government had earlier decided not to levy such taxes in future, but those earning more than Rs. 250,000 per month would be liable to pay tax.
In addition, the VAT limit on businesses has been increased to Rs.75 million per quarter from today.
Accordingly, VAT will be suspended from businesses with a cash supply of less than Rs.75 million per quarter, the Finance Ministry said.
Withholding tax on interest removed from today
01 Jan 2021
Withholding tax on interest removed from today
01 Jan 2021
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