IRD releases details on withholding tax

12 January 2023 08:36 am - 7 - {{hitsCtrl.values.hits}}

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The Inland Revenue Department (IRD) has released information on withholding tax imposed by the government.

The Department has issued a detailed report with regards to the amount that need to be paid as tax according to the monthly income.

They said that every Rs. 100,000 earned as income will be subject to withholding tax.

However, the government had recently revoked the payment of taxes by employees through the funds of institutions related to government and semi-government institutions.

This withholding tax is applicable with effect from January 1, 2023 to March 31, 2023. (By Chaturanga Pradeep Samarawickrama)

Taxable income according to earning as follows:

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Comments - 7

Maureen Thursday, 12 January 2023 09:00 AM

Please leave the Senior Citizens alone .... we depend on FD interest for a living ... we can hardly meet our expenses even now ..

73 YEARS OLD Thursday, 12 January 2023 09:07 AM

STILL INSTRUCTIONS HAVE NOT BEEN ISSUED TO EXEMPT SENIOR CITZZENS FROM WITH HOLDING TAX FOR THE INCOME LESS THAN 100,000. ALREADY THEY HAVE DEDUCTED MONEY FROM SENIOR CITIZENS FOR THE FIXED DEPOSITS AND CRUSHED POOR OLD PEOPLE. THE FINANCIAL INSTITUTES SAY BEFORE 15 TH OF FEBRUARY IF INSRCTIONS NOT RECIEVD THERE WILL BE NO REFUND. COULD SOMEONE HIGHLIGHT THIS TO AUTHORITIES

Maureen Thursday, 12 January 2023 10:32 AM

Senior citizens should not be taxed be in anyway - I pay rent - I need money for medicine which cost 4000 monthly and have to pay bills ... and any deduction is unfair .... how do we exist ? ??

Yoshana Thursday, 12 January 2023 10:19 AM

The document that has attached is for APIT not for withholding tax.

Labby Thursday, 12 January 2023 10:38 AM

Someone please clarify this for me. If the husband and wife, both senior citizens, earn 100,000 per person per month as interest on their fixed deposits, will the income be seen as 200,000 or as 100,000 per person and taxed accordingly?

dinesh Thursday, 12 January 2023 11:43 AM

most senior citizens are to blame for the sorry state of this country.. their unwise-prejudiced use of their vote has brought everyone to this state...they should also suffer like others...

Tissa Fernando Thursday, 12 January 2023 05:35 PM

Why can't they just make a simple percentage rather than complicating it. A simple percentage above 100,000 would be easy for anyone to apply it. Now the administrative expenses in ensuring that the deductions are in order will exceed the tax deducted. This is a typical inefficient and old fashioned way of doing things.

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IRD releases details on withholding tax

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