Fringe Benefit Tax and Deemed Interest Rate

FRINGE BENEFIT TAX

For the purposes of Section 12B of the Income Tax Act, the Market Interest Rate is 7%. This rate shall be applicable for the three months of April, May and June 2022.

DEEMED INTEREST RATE

For purposes of section 16(5), the prescribed rate of interest is 7%. This is applicable for the months of April, May and June 2022.

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 13/04/2022


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Fringe Benefit Tax and Deemed Interest Rate