President to abolish taxes on financial institution staff perks

President Mahinda Rajapaksa has decided to remove the taxes announced in Special Gazette 1857/8 for state and private sector financial institution staff, the Presidential Media Division said.

Accordingly the taxes on housing loan interest, disaster loan interest, vehicle loan interest, medical expenses reimbursement, overtime allowance and other allowances of employees at state and private institutions including banks, financial institutions, insurance institutions and others will be abolished. 

The decision was taken during a meeting held between the President and Ceylon Bank Employees’ Union at Temple Trees this evening.