Finance ministry denies amending interest rate on senior citizen deposits

Finance ministry denies amending interest rate on senior citizen deposits

Finance ministry denies amending interest rate on senior citizen deposits

Written by Staff Writer

07 Jul, 2020 | 3:05 pm

COLOMBO (News1st): The finance ministry has refuted media reports claiming that the interest rate paid for senior citizen deposits has been amended.

“The government has not made any decision to that effect,” the finance ministry said in a statement on Tuesday.

It also denied that the income tax relief provided to senior citizens, based on their earnings through interest has been scrapped off.

“Withholding tax on bank interest was abolished from 2020.01.01 with monthly interest incomes of Rs. 250,000.00…being exempted from the tax,” the statement read.

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