FRINGE BENEFIT TAX

For the purposes of Section 12B of the Income Tax Act, the Market Interest Rate is 16%.  This rate shall be applicable for the three months of April, May, and June 2024.

DEEMED INTEREST RATE

For purposes of section 16(2)(ja) of the Income Tax Act , the prescribed rate of interest is 16%. This rate is applicable for the months of April, May, and June 2024.

Withholding tax rate of 15% on the deemed interest shall be deducted and paid to the Commissioner by the 20th day of the month following the month of computation.

Commissioner for Domestic Taxes

PUBLIC NOTICES 09/04/2024