In January 2020, the longstanding PAYE tax for salaried individuals was removed, and replaced with a quarterly income tax payment platform.
Now, the income tax payments need to be calculated and settled as a cumulative on a quarterly basis. Understanding the requirement of the general tax payer, Nations Trust Bank introduced the Nations Tax Planner Savings and Current Accounts; a timely solution to manage finances smartly and to plan quarterly income tax payments. This plan would ensure the customer have enough funds saved to make this tax settlement on time.
The Nations Tax Planner Account is an account that can be opened alongside a customer’s other bank accounts. Depending on the income tax rate applicable, the customer can then set up a standing instruction with Nations Trust Bank to transfer the specific amount owed in taxes into the Nations Tax Planner Account, from their salary each month. At the end of each quarter, customers can rest easy knowing they have adequate funds to make tax payments, along with extra savings as a result of the interest on the funds held in the Nations Tax Planner Account. Customers will also be able to access these funds without restriction, covering them even in an emergency.
The Nations Tax Planner Account may be opened as a savings account or a current account. The only requirement is to ensure the regular deposit of the minimum required monthly tax instalment. Both current and savings account holders will enjoy online and mobile banking facilities. Additionally, savings accounts may be opened via Nations Online Banking by existing customers and will come with a minimum interest rate of 3.5% along with a 50% fee waiver on the issuance of pay orders, if customers choose to make the tax payments via a pay order. Current account holders will receive a chequebook for easy tax payments at the end of each quarter.
Speaking about the new Nations Tax Planner Account, Sanjaya Senarath, Chief Marketing Officer at Nations Trust Bank said, “People live busy lives and have various commitments and obligations. It’s very easy to forget about things like tax obligations, with all the unexpected expenses. Therefore, we want to help our customers by simplifying things so that they can smartly set aside money for their tax commitments at the outset, and then pay with ease, thus enjoying peace of mind when the end of the quarter comes around. The Nations Tax Planner Account is a smart way to plan ahead and save towards meeting your tax commitments as a responsible citizen, and avoiding any troublesome levies and penalties for failing to pay on time.”
Nations Tax Planner Accounts can be opened by visiting any of Nation Trust Bank’s 96 branches island-wide. Existing customers who wish to open a Nations Tax Planner Savings Account, can conveniently do so by logging on to Nations Online Banking. Further information can be obtained from Nations Trust Bank’s 24/7 via telephone on 011 4 711 411 or by visiting their website at www.nationstrust.com
Nations Trust Bank PLC is among the top 15 business establishments in Sri Lanka as ranked by Business Today Magazine, ably providing a host of financial products and services to a wide range of customers. Nations Trust is also the bank behind Sri Lanka’s first fully-fledged digital banking experience, FriMi. The Bank operates 96 branches across the country, boasting an ATM network covering 127 locations and 48 Cash Deposit & Withdrawal Machines, plus more than 3,700 ATMs on the Lanka Pay Network and is an issuer and sole acquirer for American Express® Cards in Sri Lanka.