WITHHOLDING TAX ON SENIOR CITIZENS” FD INTEREST REMOVED

Withholding tax on senior citizens’ FD interest earnings removed

 

The Withholding Tax charged on Fixed Deposit (FD) interest earnings less than Rs. 100,000 by senior citizens will be removed, effective from 01 January 2023.

Accordingly, the 5% Withholding Tax charged on interests earned below Rs. 100,000 by senior citizens from FDs will no longer be charged, State Minister of Finance Ranjith Siymabalapitiya said.