FRINGE BENEFIT TAX
For the purposes of Section 12B of the Income Tax Act, the Market Interest Rate is 15%. This rate shall be applicable for the months of January, February and March 2024.
DEEMED INTEREST RATE
For purposes of section 16(2)(ja) of the Income Tax Act , the prescribed rate of interest is 15%. This rate shall be applicable for the months of January, February and March 2024.
Withholding tax rate of 15% on the deemed interest shall be deducted and paid to the Commissioner within five working days following the computation.
LOW INTEREST BENEFIT
For purposes of section 5(2A), the prescribed rate of interest is 14%. This rate is applicable for the months of January, February, March, April, May and June 2024.
Commissioner for Domestic Taxes
PUBLIC NOTICES 22/01/2024
