Tax exemptions of NRFC, Children's Savings Account ... released -- Senior Citizens tax limits ... up.

Tax exemptions of NRFC, Children's Savings Account ... released -- Senior Citizens tax limits ... up.

Minister of Finance Mr. Mangala Samaraweera has announced across his Twitter Account that a a number of exemptions will be provided following certain amendments of Inland Revenue Tax. 

Following are the tax exemptions he has mentioned:

01. Interest obtained from children's savings accounts.

02. Loans granted by government to non-residents of Sri Lanka.

03. Royalty payment not exceeding Rs. 50,000 per month subject to a tax of Rs. 50,000 per year.

04. Interest income upto Rs.50,000 per month and Rs. 500,000 per year from any savings, fixed and joint deposits.

05. Interest income upto Rs. 50,000 per month with subject to joint deposits of Rs. 50,000 per year.

06. Earnings from government securities (include interest, discount, capital gain earned by non-residents of sovereign bonds issued by or on behalf of the government).

07. Rent reduced from 10 per cent to 5 per cent.

08. Small and medium-scale enterprises -- maximum of 14 per cent of income (with effect from April 1st).

09. Interest income of senior citizens -- amount of exemption increased from Rs. 150,000 to 3000,000.