Children's savings accounts exceeding Rs 1.2 million to be taxed

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Finance Minister Mangala Samaraweera today clarified matters regarding the income tax to be imposed on children's saving accounts, saying that the tax would be effective to accounts which had deposits of more than Rs 1.2 million.

He made these remarks at a media breifing a short while ago while referring to the proposed monthly income tax of upto Rs 5000 which was included in this year's budget proposal. This tax would be imposed on the interest income of these accounts and not the deposit value, Mr. Samaraweera added.

The Finance Minister said that the government does not want to rob the money of innocent children as claimed by certain factions.

"However, if an account holds more than Rs 1.2 million then it is better to train the child to pay income taxes from a small age. This would have a positive impact when the child grows up," he quipped.

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