News

IRD announces AIT exemption for small savers

Published

1 month ago

April 1, 2025

editor

The Inland Revenue Department (IRD) has announced a simplified self-declaration process to alleviate the 10 percent advance income tax (AIT) burden on interest earnings for the low and middle-income earners.

Outlined in Circular SEC/2025/E/03, the new system targets the resident taxpayers with a total annual taxable income not exceeding Rs.1.8 million.

taxpayers can now submit a self-declaration form to their banks or financial institutions to gain exemption from the standard AIT deductions on the interest income from deposits, savings accounts and Islamic financial products.

The taxable monthly income threshold has increased from Rs. 100,000 to Rs. 150,000, providing tax relief.

Meanwhile, under new tax policies, a 15% tax on foreign service income has been introduced, and stamp duty on leases and rentals has doubled to Rs. 20 per Rs. 1,000.

News

8,742 Vesak Dansals registered islandwide

Published

1 hour ago

May 12, 2025

editor

The Public Health Inspectors (PHI)’s Union states that a total of 8,742 Dansals have been registered islandwide, in line with Vesak celebrations this year.

According to the PHI’s Union chairman – Upul Rohana, the highest number of ‘Dansal’ is registered in the Western Province, particularly in the Colombo Municipal Council (CMC) area.

The union has also urged organiser to reduce the use of polythene and plastic during food distribution efforts.

News

Financial assistance from President’s Fund for Gerandi Ella bus accident victims

Published

2 hours ago

May 12, 2025

editor

A sum of Rs. 1 million from the President’s Fund will be granted for each individual who lost their life in the Kotmale bus accident, the President’s Media Division states.

President Anura Kumara Disanayake has directed that a sum of Rs. 1 million be granted from the President’s Fund to each individual who lost their life in the tragic bus accident that occurred early this morning (11) in the Garadiella area, Kotmale.

Accordingly, arrangements have been made to promptly disburse these funds to the next of kin of the deceased through the President’s Fund.

In addition to this assistance, compensation will also be provided to the affected families through the Sri Lanka Transport Board and relevant insurance schemes.

Meanwhile, authorities continue to investigate the cause of the accident, which has claimed 22 lives so far.

(Pic : Accident1st)

News

Maxwell gets 5-yr. ban

Published

3 hours ago

May 12, 2025

editor

Former Secretary of the National Olympic Committee of Sri Lanka (NOCSL) Maxwell de Silva was handed a five-year ban, sources revealed.

Earlier, De Silva was suspended by the International Olympic Committee (IOC) and the Ministry of Sports due to various irregularities committed by him over several years.

Accordingly, the NOCSL Executive Committee decided to hand down a five-year ban on De Silva, considering the recommendations made by the NOCSL Ethics Committee, NOCSL President Suresh Subramaniam told the Daily Mirror.

Subramaniam further stated that the penalty on De Silva has already been communicated in writing to the IOC.

Accordingly, the former secretary, who has been banned for five years, is now completely prohibited from representing the NOCSL at any foreign event or international conference.

(dailymirror.lk)

(Except for the headline, this story, originally published by dailymirror.lk has not been edited by SLM staff)