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Money New Income Tax System
Money New Income Tax System
Sunday, 19 November 2006 01:00
The Government plans to introduce a new income tax deduction system from the next financial year as part of a package of measures recommended by the IMF. The old system required employees to submit tax returns and make payments at specific times of the year. The new system will deduct tax on a monthly term based on the previous year’s tax return.
The new changes will see a reduction in tax paid on behalf of employers by 5-6%.
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