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The Investor Sentiment - Equity and investments forum for Sri Lankans

The Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSEThe Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSE

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» CIFC Dumps to Expand Your Possibilities to Pass Your Exam
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New Single Withholding Tax of 2.5%......! EmptyTue Oct 11, 2022 9:07 am by කිත්සිරි ද සිල්වා

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+2
First Guy
kass
6 posters

    New Single Withholding Tax of 2.5%......!

    kass
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    • Post n°1

    New Single Withholding Tax of 2.5%......! Empty New Single Withholding Tax of 2.5%......!

    Post by kass Wed Apr 01, 2015 10:16 pm

    The new Gov has done major changes to the WHT as per below circular issues by inland revenue.

    http://www.inlandrevenue.gov.lk/publications/circulars/2015/SEC_2015_02_-_Withholding_tax_on_interest_paid_by_Banks_or_others_E.pdf

    They have removed the income thresholds applicable for individuals. Hence we do not need to handover WHT declarations hereafter (that's what I understood)

    However they have introduced a new WHT of 2.5% applicable to all individuals (except senior citizens) which is charged irrespective of the tenor of your deposit or your income capacity.

    Even If you have a 3 month FD at 6% p.a you have to pay WHT of 2.5% at maturity Evil or Very Mad  This is not a good news for FD holders. Very Happy

    Like to know your ideas on this guys.
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    First Guy
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    • Post n°2

    New Single Withholding Tax of 2.5%......! Empty Re: New Single Withholding Tax of 2.5%......!

    Post by First Guy Thu Apr 02, 2015 6:36 am

    I think it's ok.

    Earlier WHT exemption was for those with income less than 600,000/- per year (50,000/- per month) so only those will be negatively affected as others were anyway paying at least 2.5%

    For 100,000/- 3 month FD at 6% the WHT amounts to 37.50/- Smile
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    smallville
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    • Post n°3

    New Single Withholding Tax of 2.5%......! Empty Re: New Single Withholding Tax of 2.5%......!

    Post by smallville Thu Apr 02, 2015 7:26 am

    Withholding tax is applicable to the interest income you earn.. So its not a big amount.

    However, if Credit cards interests are reduced to 16%, its gonna be a good saving.
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    serene
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    • Post n°4

    New Single Withholding Tax of 2.5%......! Empty Re: New Single Withholding Tax of 2.5%......!

    Post by serene Thu Apr 02, 2015 7:38 am

    Thanks kass for sharing.
    Now ppl dont have to submit false declarations. Smile
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    Hybrid
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    • Post n°5

    New Single Withholding Tax of 2.5%......! Empty Re: New Single Withholding Tax of 2.5%......!

    Post by Hybrid Thu Apr 02, 2015 8:03 am

    I think it is a good idea.

    No need to track the tax dodgers.
    Simple system for the banks
    No need of forms
    No head ache for some finance companies to balance the three present slabs for tax: Zero %, 2.5% and 8%.
    But the MOST benefit is that we need not produce more children so that the deposits are made in their names!! lol! lol!

    Most of the deposits are spread within the family to avoid taxes. On average the IR will benefit to some degree and bring in more revenue for the Govt.

    At least some good thoughts are coming through!


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    balapas
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    • Post n°6

    New Single Withholding Tax of 2.5%......! Empty Re: New Single Withholding Tax of 2.5%......!

    Post by balapas Thu Apr 02, 2015 10:00 am

    I think this is a good move since tax dodging can be avoided. Big hassle to fill the WHT forms every year and go to the banks/finance co's to hand over. (need to hand over otherwise if posted say did not receive) and was mentioned will be taxed 10% if not send it. Dont know whether ppl were charged unknowingly.

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