It's unfair in my opinion as this was not communicated to me by the Finance companies and the banks. Since I regularly check and reconcile my FD interests I was able to spot this.
The new WHT of 2.5% on interest income is re-introduced by the government due to the present financial crisis. I came to know from reliable sources that the IRD is under pressure to collect taxes even from non tax payers (who submit returns and has Taxable income less than 500,000/=.) One of my friends was asked to pay income tax recently though his taxable income is less than 500,000/=. The assessor has asked him to do this as a favour as the treasury is in a dilemma.
I also heard that some old taxes like BTT and GST are likely to be reintroduced targeting small businesses. This was waived off years back for small businesses.
Bit worried about corporate taxes. It also likely to be increased in the next budget from present 28%. The government is struggling to pay its commitments. They have paid only 5000/= increase to the government staff and balance 5000/= due in June.
Further they have not started paying the minimum payment for rubber and paddy.
Don't know how these things are possible.
I feel the increase of 10,000/= for government staff salaries is a serious miscalculation. The government sector is unproductive and inefficient and does not contribute to the national economy significantly. They are in fact a big burden now for the treasury due to increased salaries.
Eg: I went to a post office in Colombo for some parcel collection recently and the staff are very very rude and arrogant towards customers.
I feel that middle class will be burdened with new form of taxes in the future.
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