The Ministry of Finance, Economy and Policy Development has announced that no amendments have been made to the rate of return derived from the special interest rate offered for the accounts of senior citizens.
The Ministry said a special interest rate was offered to senior citizens under a special program from 2014 in honour of senior citizens who had contributed to the economy of the country.
Media reports claiming that amendments have been made to the special interest rates offered to senior citizens and that the concessions provided on the rate of return have been withdrawn are false, the Ministry said.
The Ministry of Finance clarified that no such decision has been taken on accounts held by senior citizens.
The new Government has only decided to suspend the withholding tax from 01 January 2020 and the tax imposed on the monthly salary of Rs 250,000 which amounts Rs. 3, 000, 000 per annum, it clarified.
The Ministry of Finance has requested senior citizens not to panic over false information.
(Newswire)
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