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People's Liberation Front (JVP) Kalutara District MP Nandana Gunatilleke in a press communique on March 30, strongly criticizes the 10 percent tax imposed on the interest on fixed deposits as extremely unjustifiable and condemns the UNF maiden budget as one that has given no concession to the poor, but as one that has afforded many benefits to the businessmen to earn black money.

The communique points out that the people targeted under this tax include those who have deposited in banks their life long service gratuity like EPF in order to obtain a monthly income for their sustenance after retirement. It further says that this tax also extends to the savings of charity organizations including the Sri Dalada Maligawa, Sri Pada and the Atamasthana, from where even by now protests have been voiced.

It says that the Budget Proposals, in the guise of strengthening the private sector is envisaging to privatise state banks, and when this happens several other types of taxes on bank deposits can be expected in addition to the 10 percent interest tax. The communique seriously demands the withdrawal of this 10 percent tax on interest above Rs. 6000.00 per month.

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