‘Rich babies’ should get used to paying income tax early - Mangala

March 13, 2019 07:27 pm

Minister of Finance and Mass Media Mangala Samaraweera stated that prices of fuel were increased by a small amount considering the approaching festival season.

He mentioned this at a press conference held at the Finance Ministry today (13).

Meanwhile, the taxes on import of motor vehicles proposed by the 2019 Budget will be implemented only on letters of credit (LCs) opened after March 06, 2019, stated Samaraweera.

According to him, taxes would only be levied on children’s saving accounts which the monthly interest is over Rs 5000. To receive such an interest, the savings account should hold a sum of at least Rs 1.2 million, he pointed out.

He added that ‘rich babies’ should get used to paying income tax early.

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