Deputy Minister assures 'no deadline' for WHT declarations on interest income

ECONOMIC Development Deputy Minister Dr. Anil Jayantha Fernando on Wednesday (30) strongly dismissed false claims spreading across society about the 10% withholding tax (WHT) on interest income from bank deposits.

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• Economic Development Deputy Minister Dr. Anil Jayantha Fernando insists public not panic or rush due to misinformation

• Says self-declarations can be submitted anytime during assessment year

• Asserts no TIN required to make declaration

• Says large one-time interest payments do not immediately trigger tax liability as it is assessed annually

• Assures any mistakenly deducted WHT can be reclaimed, with mechanisms in place for correction

• Notes revenue collection for Q1 2025 exceeds targets across IRD, Customs, and Excise Departments

Making a special statement, he reassured the public that there is “no deadline” to declare their income status to avoid tax deductions.

“It has come to light that false information is circulating regarding the deduction of WHT on interest income. There is no truth to these rumours that if you don’t inform your bank by 30 April, you will be taxed,” he affirmed.