Tax imposed on royalty fee amended
Finance Minister Mangala Samaraweera said that the government has decided to change the government’s decision to introduce a tax for royalties.
He has announced this at a discussion held at the Finance Ministry.
The government has decided to not charge taxes for book royalties upto Rs.50,000 per month and upto Rs.500,000 per year.
Furthermore, the government has decided to exempt children’s savings accounts from taxes. Therefore,
interests of bank accounts belonging to children under the age of 18 will be exempted from taxes. Tax imposed on savings account interests and book royalties is 5%.
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