Fringe Benefit Tax and Deemed Interest Rate

PUBLIC NOTICES 25/10/2019

Fringe Benefit Tax For the purposes of Section 12B of the Income Tax Act, the Market Interest Rate is 6%. This rate shall be applicable for the three months of October, November and December 2019.

Deemed Interest Rate For purposes of section 16(5), the prescribed rate of interest is 6%. This is applicable for the months of October, November and December 2019.

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

 

Commissioner for Domestic Taxes