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No tax on NRFC accounts

The government yesterday said it does not propose to tax Non Resident Foreign Currency (NRFC) Accounts.

In a statement issued yesterday, Treasury Secretary Charitha Ratwatte said that at present any person who is not permanently employed overseas, or has been outside the country for less than 365 days gets taxed at 35 per cent when he sends money home because that is the normal income tax rate.

As this discourages people from sending money back to Sri Lanka, the government proposes to tax them only 15 per cent on such remittances.

Migrant workers who have proof of employment abroad and those registered with the Foreign Employment Bureau will continue to enjoy their tax free benefits on inward

remittances of foreign exchange to NRFC accounts, the statement added.

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