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 & December 2020.
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 & December 2020.
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.
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