Interest  Earned on  NRFC Account to be Taxed  

The  new Inland Revenue Act,  which was passed in parliament on September 7, brought on several changes such as the reduction of ministerial powers to grant tax holidays and the imposition of taxes on individuals with a monthly income of above Rs.100,000.

Followed by this, the Governor of the Central Bank announced that a tax will be imposed on interest earned  on Non-Resident Foreign Currency (NRFC) accounts under the new Inland Revenue Act.