May 30, 2018

Cabinet approves removal of tax on copyright royalty payment Featured

On a proposal by finance minister Mangala Samaraweera, the cabinet has approved the removal, with immediate effect, of two taxes imposed through the new inland revenue act.

One is the five per cent withholding tax on the interest of bank accounts of minors (below 18 years of age).

The other is the 14 pc tax on the royalty payments on the copyright of publications.