Withholding tax on senior citizens’ FD interest earnings removed

Withholding tax levied on fixed deposit (FD) interest earnings is Rs. 100,000 will be removed by senior citizens with effect from January 01, 2023.

Accordingly 5% withholding tax levied on interest below Rs.1000. State Minister for Finance Mr. Ranjith Siyambalapitiya says that senior citizens will not be charged 100,000 rupees from FD from now on.