Protests Against New Tax Laws By Joint Opposition

MP Sisira Jayakody of the joint opposition Jayakody said, the withholding tax on interest from fixed deposits and savings accounts had been increased from 2.5% to 5% and that would deal a body blow to many Sri Lankans, especially senior citizens. “We have millions of pensioners who depend on interest from fixed deposits and savings accounts. They will be greatly affected. The government has done this at a time when we have to ensure that these people can manage themselves instead of becoming more dependent on their children and the state,” he said.

Jayakody added that when a person sold a property, considered an investment asset, a tax of 10% ‘on the difference between sale value and market value’ would be charged. Hence, the Joint Opposition (JO) will commence a series of protests against the new Inland Revenue Act which took effect yesterday.

“The government Ministers live like kings and the people have to bear the burden,” he concluded.