FRINGE BENEFIT TAX
For the purposes of Section 12B of the Income Tax Act, the Market Interest Rate is 11%. This rate shall be applicable for the three months of July, August and September 2023.
DEEMED INTEREST RATE
For purposes of section 16(2)(ja) of the Income Tax Act , the prescribed rate of interest is 11%. This rate is applicable for the months of July, August and September 2023.
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.
LOW INTEREST BENEFIT
For purposes of section 5(2A), the prescribed rate of interest is 10%. This rate is applicable for the months of July, August, September, October, November and December 2023.
Commissioner for Domestic Taxes
PUBLIC NOTICES 24/07/2023
