Tax concessions on kid’s savings and royalty fee for authors

The Government today announced tax concessions on children’s savings accounts and the royalty fees from publishers for authors.

Finance Minister Mangala Samaraweera said that the withholding tax on interests earned from children’s savings accounts up to the age of 18, will not be levied.

He also said that the royalty fees paid by publishers to authors up to Rs 50,000 per month or Rs 500,000 per year will be exempt from taxes. (Colombo Gazette)