FRINGE BENEFIT TAX
For the purposes of Section 12B of the Income Tax Act, the Market Interest Rate is 10%. This rate shall be applicable for the three months of April, May and June 2023.
DEEMED INTEREST RATE
For purposes of section 16(2)(ja) of the Income Tax Act , the prescribed rate of interest is 10%. This rate is applicable for the months of April, May and June 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.
Commissioner for Domestic Taxes