Business Times

NCCSL seminar on maximising income from deposits

The National Chamber of Commerce through its Banking Insurance and Financial Services Committee is organising a seminar on “Maximising income from deposits/investments” at the Chamber Auditorium in Colombo on Tuesday January 12.

“The objective of this seminar is to make the public aware on how to get the maximum income from investments, after tax. At present when an individual deposits money in Treasury Bills, Banks and registered Finance Companies they receive interest. In 2002/2003 Withholding Tax of 10% was introduced on interest income. Several amendments have been subsequently effected to rectify some anomalies.

Therefore individuals should carefully allocate their funds to enjoy tax exemptions. Income from Treasury Bills is exempt from Income Tax, whilst Income from other Deposits is liable for Withholding Tax at different levels of income at differential rates,” the chamber said.

Resource Persons are Amal Fernando, CEO, Acuity Securities, Ms Anura Senanayake - Manager Deposits, National Savings Bank and S. R. Balachandran- Director Millers Ltd -who has drafted a special formula as to the best mix of funds between Treasury Bills and other deposits. Further details from the Chamber on tel 4741788

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