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Message: <blockquote data-quote="topkollek" data-source="post: 28250918" data-attributes="member: 510150"><a href="https://www.hsbc.lk/notices/" target="_blank">https://www.hsbc.lk/notices/</a><h3>   Upcoming changes to Withholding Tax (WHT) applicable for residents and non-residents of Sri Lanka</h3>                                                                                       Based on  the 2022 interim budget passed in the Parliament on the 30th of August  2022, the below proposals will be effective subject to the legislation being issued to this effect in due course. Accordingly, the changes are expected to come in to effect under Withholding tax (WHT) or Advanced Income Tax (AIT) with effect from 1st October, 2022 a) Making Advance Income Tax (AIT) or Withholding tax (WHT) mandatory on interest income b) Considering WHT/AIT on Interest Income of individual taxpayers as a final payment c) Deduction of AIT/WHT from Interest payments of both Resident and Non-resident persons at the rate of 5% with the exception for senior citizens with a relief up to LKR 1.5 million p.a., subject to the declaration being submitted to the Bank</blockquote>

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