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Message: <blockquote data-quote="warwickuni" data-source="post: 28673434" data-attributes="member: 101444">You are correct.Earlier this(WHT on interest was paid for more than a decade ! in late 90s also in  2000-2010? )was there for quite some time, but the banks also had a letter to get signed saying you are not tax liable and if you signed they did not deduct it. If you did not sign this letter deduction was automatic. This was done for a very long time!Earlier When WHT was paid it was the final tax liability (That means even if you are a tax payer once WHT is paid it is final payment for interest income now despite 5% payment even remaining interest can again be liable for tax.It also allows a person who is living on interest income (eg retired persons), whose interest income is sole income and less than 100,000 to seek stop order from inland revenueSo this WHT on interest was not a new thing but this time it was done differently! If I am not mistaken, WHT on interest was removed by Ravi Karunakayake as FM in 2015! This shows wrong tax policies were implemented by UNP and GR that led the country to this sad situation.We need to pay taxes as we get lot of free things Eg Education, Health, and also subsidies Transport-bus,train, till recently even electricity fuel! So it is Rs5 tax if you get an interest of Rs 100 Where do govt get money ? another Chinese Loan at high interest rate with some kick backs to few? This is what happened for some time !!Reality is bitter !</blockquote>

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