{"id":14341,"date":"2025-05-20T12:22:43","date_gmt":"2025-05-20T12:22:43","guid":{"rendered":"https:\/\/sfmnewslk.com\/?p=14341"},"modified":"2025-05-20T12:22:44","modified_gmt":"2025-05-20T12:22:44","slug":"amendment-to-the-inland-revenue-act","status":"publish","type":"post","link":"https:\/\/sfmnewslk.com\/?p=14341","title":{"rendered":"Amendment to the Inland Revenue Act"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><br>asianewsplusone.com sfmnewslk.com<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"331\" src=\"https:\/\/sfmnewslk.com\/wp-content\/uploads\/2025\/05\/IMG-20250520-WA0001-1024x331.jpg\" alt=\"\" class=\"wp-image-14334\" srcset=\"https:\/\/sfmnewslk.com\/wp-content\/uploads\/2025\/05\/IMG-20250520-WA0001-1024x331.jpg 1024w, https:\/\/sfmnewslk.com\/wp-content\/uploads\/2025\/05\/IMG-20250520-WA0001-300x97.jpg 300w, https:\/\/sfmnewslk.com\/wp-content\/uploads\/2025\/05\/IMG-20250520-WA0001-768x248.jpg 768w, https:\/\/sfmnewslk.com\/wp-content\/uploads\/2025\/05\/IMG-20250520-WA0001.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The Inland Revenue (Amendment) Act No. 2 of 2025 has introduced legal provisions to increase the withholding tax rate from 5% to 10% with effect from 01-04-2025.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It was observed that due to the collection of withholding tax even from individuals with income not exceeding the taxable annual income limit of Rs. 1.8 million, such depositors and low-income individuals are facing inconvenience.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As a solution to this problem, it has been proposed to introduce a system for submitting a self-declaration for individuals with income below the tax-exempt limit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Accordingly, the Cabinet approved the proposal submitted by the Hon. President in his capacity as the Minister of Finance, Planning and Economic Development to amend the Inland Revenue Act, No. 24 of 2017, introducing a self-declaration for all resident depositors with an assessed income not exceeding Rs. 1.8 million per annum to exempt them from levying withholding tax on interest and making it mandatory to furnish a Tax Identification Number (TIN) for opening all types of bank accounts.<br>\u0daf\u0dda\u0dc1\u0dd3\u0dba \u0d86\u0daf\u0dcf\u0dba\u0db8\u0dca \u0db4\u0db1\u0dad \u0dc3\u0d82\u0dc1\u0ddd\u0db0\u0db1\u0dba\u0da7<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2025\u201104\u201101 \u0daf\u0dd2\u0db1 \u0dc3\u0dd2\u0da7 \u0d9a\u0dca\u200d\u0dbb\u0dd2\u0dba\u0dcf\u0dad\u0dca\u0db8\u0d9a \u0dc0\u0db1 \u0db4\u0dbb\u0dd2\u0daf\u0dd2 \u0dbb\u0db3\u0dc0\u0dcf \u0d9c\u0dd0\u0db1\u0dd3\u0db8\u0dda \u0db6\u0daf\u0dd4 \u0d85\u0db1\u0dd4\u0db4\u0dcf\u0dad\u0dba 5% \u0dc3\u0dd2\u0da7 10% \u0daf\u0d9a\u0dca\u0dc0\u0dcf \u0d89\u0dc4\u0dc5 \u0db1\u0dd0\u0d82\u0dc0\u0dd3\u0db8 \u0db4\u0dd2\u0dab\u0dd2\u0dc3 \u0dc0\u0db1 \u0db1\u0dd3\u0dad\u0dd2\u0db8\u0dba \u0db4\u0dca\u200d\u0dbb\u0dad\u0dd2\u0db4\u0dcf\u0daf\u0db1 2025 \u0d85\u0d82\u0d9a 2 \u0daf\u0dbb\u0db1 \u0daf\u0dda\u0dc1\u0dd3\u0dba \u0d86\u0daf\u0dcf\u0dba\u0db8\u0dca (\u0dc3\u0d82\u0dc1\u0ddd\u0db0\u0db1) \u0db4\u0db1\u0dad \u0db8\u0d9f\u0dd2\u0db1\u0dca \u0dc4\u0db3\u0dd4\u0db1\u0dca\u0dc0\u0dcf \u0daf\u0dd3 \u0dad\u0dd2\u0db6\u0dd9\u0db1\u0dc0\u0dcf.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0db6\u0daf\u0dd4 \u0d85\u0dba \u0d9a\u0dbb\u0db1\u0dd4 \u0dbd\u0db6\u0db1 \u0dc0\u0dcf\u0dbb\u0dca\u0dc2\u0dd2\u0d9a \u0d86\u0daf\u0dcf\u0dba\u0db8\u0dca \u0dc3\u0dd3\u0db8\u0dcf\u0dc0 \u0dc0\u0db1 \u0dbb\u0dd4\u0db4\u0dd2\u0dba\u0dbd\u0dca \u0db8\u0dd2\u0dbd\u0dd2\u0dba\u0db1 1.8\u0d9a \u0db4\u0dca\u200d\u0dbb\u0db8\u0dcf\u0dab\u0dba \u0db1\u0ddc\u0d89\u0d9a\u0dca\u0db8\u0dc0\u0db1 \u0d86\u0daf\u0dcf\u0dba\u0db8\u0d9a\u0dca \u0dc3\u0dc4\u0dd2\u0dad \u0db4\u0dd4\u0daf\u0dca\u0d9c\u0dbd\u0dba\u0db1\u0dca\u0d9c\u0dd9\u0db1\u0dca \u0daf \u0dbb\u0db3\u0dc0\u0dcf \u0d9c\u0dd0\u0db1\u0dd3\u0db8\u0dda \u0db6\u0daf\u0dd4 \u0d85\u0dba \u0d9a\u0dbb \u0d9c\u0dd0\u0db1\u0dd3\u0db8\u0da7 \u0d9a\u0da7\u0dba\u0dd4\u0dad\u0dd4 \u0d9a\u0dd2\u0dbb\u0dd3\u0db8 \u0dc4\u0dda\u0dad\u0dd4\u0dc0\u0dd9\u0db1\u0dca, \u0d91\u0dc0\u0dd0\u0db1\u0dd2 \u0dad\u0dd0\u0db1\u0dca\u0db4\u0dad\u0dca\u0d9a\u0dbb\u0dd4\u0dc0\u0db1\u0dca \u0dc3\u0dc4 \u0d85\u0da9\u0dd4 \u0d86\u0daf\u0dcf\u0dba\u0db8\u0dca\u0dbd\u0dcf\u0db7\u0dd3 \u0db4\u0dd4\u0daf\u0dca\u0d9c\u0dbd\u0dba\u0db1\u0dca \u0d85\u0db4\u0dc4\u0dc3\u0dd4\u0dad\u0dcf\u0dc0\u0da7 \u0dbd\u0d9a\u0dca \u0dc0\u0db1 \u0db6\u0dc0 \u0db1\u0dd2\u0dbb\u0dd3\u0d9a\u0dca\u0dc2\u0dab\u0dba \u0dc0\u0dd4\u0dab\u0dcf.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0d91\u0d9a\u0dd3 \u0d9c\u0dd0\u0da7\u0dbd\u0dd4\u0dc0 \u0dc3\u0db3\u0dc4\u0dcf \u0dc0\u0dd2\u0dc3\u0db3\u0dd4\u0db8\u0d9a\u0dca \u0dbd\u0dd9\u0dc3 \u0db6\u0daf\u0dd4 \u0db1\u0dd2\u0daf\u0dc4\u0dc3\u0dca \u0dc3\u0dd3\u0db8\u0dcf\u0dc0\u0da7 \u0dc0\u0da9\u0dcf \u0db4\u0dc4\u0dc5 \u0db8\u0da7\u0dca\u0da7\u0db8\u0d9a \u0d86\u0daf\u0dcf\u0dba\u0db8\u0dca \u0dc3\u0dc4\u0dd2\u0dad \u0db4\u0dd4\u0daf\u0dca\u0d9c\u0dbd\u0dba\u0db1\u0dca\u0da7 \u0dc3\u0dca\u0dc0\u0dba\u0d82 \u0db4\u0dca\u200d\u0dbb\u0d9a\u0dcf\u0dc1\u0db1\u0dba\u0d9a\u0dca \u0d89\u0daf\u0dd2\u0dbb\u0dd2\u0db4\u0dad\u0dca \u0d9a\u0dd2\u0dbb\u0dd3\u0db8\u0dda \u0d9a\u0dca\u200d\u0dbb\u0db8\u0dc0\u0dda\u0daf\u0dba\u0d9a\u0dca \u0dc4\u0db3\u0dd4\u0db1\u0dca\u0dc0\u0dcf \u0daf\u0dd3\u0db8\u0da7 \u0dba\u0ddd\u0da2\u0db1\u0dcf \u0d9a\u0dbb \u0dad\u0dd2\u0db6\u0dd9\u0db1\u0dc0\u0dcf.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0d92 \u0d85\u0db1\u0dd4\u0dc0, \u0db4\u0ddc\u0dbd\u0dd2\u0dba \u0db8\u0dad \u0dbb\u0db3\u0dc0\u0dcf \u0d9c\u0dd0\u0db1\u0dd3\u0db8\u0dda \u0db6\u0daf\u0dca\u0daf \u0d85\u0dba \u0d9a\u0dd2\u0dbb\u0dd3\u0db8\u0dd9\u0db1\u0dca \u0db1\u0dd2\u0daf\u0dc4\u0dc3\u0dca \u0d9a\u0dd2\u0dbb\u0dd3\u0db8 \u0dc3\u0db3\u0dc4\u0dcf \u0dc0\u0dc3\u0dbb\u0d9a\u0da7 \u0dbb\u0dd4\u0db4\u0dd2\u0dba\u0dbd\u0dca \u0db8\u0dd2\u0dbd\u0dd2\u0dba\u0db1 1.8\u0d9a\u0dca \u0db1\u0ddc\u0d89\u0d9a\u0dca\u0db8\u0dc0\u0db1 \u0dad\u0d9a\u0dca\u0dc3\u0dda\u0dbb\u0dd4 \u0d86\u0daf\u0dcf\u0dba\u0db8\u0d9a\u0dca \u0dc3\u0dc4\u0dd2\u0dad \u0dc3\u0dd2\u0dba\u0dbd\u0dd4 \u0db1\u0dda\u0dc0\u0dcf\u0dc3\u0dd2\u0d9a \u0dad\u0dd0\u0db1\u0dca\u0dad\u0db4\u0dad\u0dca\u0d9a\u0dbb\u0dd4\u0dc0\u0db1\u0dca \u0dc3\u0db3\u0dc4\u0dcf \u0dc3\u0dca\u0dc0\u0dba\u0d82 \u0db4\u0dca\u200d\u0dbb\u0d9a\u0dcf\u0dc1\u0db1\u0dba\u0d9a\u0dca \u0dc4\u0db3\u0dd4\u0db1\u0dca\u0dc0\u0dcf \u0daf\u0dd3\u0db8\u0da7 \u0dc3\u0dc4 \u0dc3\u0dd2\u0dba\u0dbd\u0dd4\u0db8 \u0dc0\u0dbb\u0dca\u0d9c\u0dba\u0dda \u0db6\u0dd0\u0d82\u0d9a\u0dd4 \u0d9c\u0dd2\u0dab\u0dd4\u0db8\u0dca \u0dc0\u0dd2\u0dc0\u0dd8\u0dad \u0d9a\u0dd2\u0dbb\u0dd3\u0db8 \u0dc3\u0db3\u0dc4\u0dcf \u0db6\u0daf\u0dd4 \u0dc4\u0db3\u0dd4\u0db1\u0dcf\u0d9c\u0dd0\u0db1\u0dd3\u0db8\u0dda \u0d85\u0d82\u0d9a\u0dba (TIN) \u0d89\u0daf\u0dd2\u0dbb\u0dd2\u0db4\u0dad\u0dca \u0d9a\u0dd2\u0dbb\u0dd3\u0db8 \u0d85\u0db1\u0dd2\u0dc0\u0dcf\u0dbb\u0dca\u0dba \u0d9a\u0dd2\u0dbb\u0dd3\u0db8\u0da7 \u0dba\u0ddd\u0d9c\u0dca\u200d\u0dba \u0dc3\u0d82\u0dc1\u0ddd\u0db0\u0db1 \u0d87\u0dad\u0dd4\u0dc5\u0dad\u0dca \u0d9a\u0dbb\u0db8\u0dd2\u0db1\u0dca 2017 \u0d85\u0d82\u0d9a 24 \u0daf\u0dbb\u0db1 \u0daf\u0dda\u0dc1\u0dd3\u0dba \u0d86\u0daf\u0dcf\u0dba\u0db8\u0dca \u0db4\u0db1\u0dad \u0dc3\u0d82\u0dc1\u0ddd\u0db0\u0db1\u0dba \u0d9a\u0dd2\u0dbb\u0dd3\u0db8 \u0db4\u0dd2\u0dab\u0dd2\u0dc3 \u0db8\u0dd4\u0daf\u0dbd\u0dca, \u0d9a\u0dca\u200d\u0dbb\u0db8\u0dc3\u0db8\u0dca\u0db4\u0dcf\u0daf\u0db1 \u0dc3\u0dc4 \u0d86\u0dbb\u0dca\u0dae\u0dd2\u0d9a \u0dc3\u0d82\u0dc0\u0dbb\u0dca\u0db0\u0db1 \u0d85\u0db8\u0dcf\u0dad\u0dca\u200d\u0dba \u0dc0\u0dc1\u0dba\u0dd9\u0db1\u0dca \u0d9c\u0dbb\u0dd4 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It&hellip; <\/p>\n<div class=\"likebtn_container\" style=\"\"><!-- LikeBtn.com BEGIN --><span class=\"likebtn-wrapper\"  data-identifier=\"post_14341\"  data-style=\"\"  data-unlike_allowed=\"\"  data-show_copyright=\"\"  data-item_url=\"https:\/\/sfmnewslk.com\/?p=14341\"  data-item_title=\"Amendment to the Inland Revenue Act\"  data-item_image=\"https:\/\/sfmnewslk.com\/wp-content\/uploads\/2025\/05\/IMG-20250520-WA0004-1024x730.jpg\"  data-item_date=\"2025-05-20T12:22:43+00:00\"  data-engine=\"WordPress\"  data-plugin_v=\"2.6.56\"  data-event_handler=\"likebtn_eh\" ><\/span><!-- LikeBtn.com END --><\/div>","protected":false},"author":2,"featured_media":14342,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"rolpb_likes":0,"_joinchat":[],"footnotes":""},"categories":[114],"tags":[],"class_list":["post-14341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sfmnewslk.com\/index.php?rest_route=\/wp\/v2\/posts\/14341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sfmnewslk.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sfmnewslk.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sfmnewslk.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/sfmnewslk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14341"}],"version-history":[{"count":1,"href":"https:\/\/sfmnewslk.com\/index.php?rest_route=\/wp\/v2\/posts\/14341\/revisions"}],"predecessor-version":[{"id":14343,"href":"https:\/\/sfmnewslk.com\/index.php?rest_route=\/wp\/v2\/posts\/14341\/revisions\/14343"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sfmnewslk.com\/index.php?rest_route=\/wp\/v2\/media\/14342"}],"wp:attachment":[{"href":"https:\/\/sfmnewslk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sfmnewslk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sfmnewslk.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}