Do I hve to pay tax on deposit interest?
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lizzy
Apprentice
Joined: 10 Oct 2007
Posts: 4
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 Posted: 04/14/08 - 08:58 Post subject: |
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| Hello. I have one question about deposit interest. I wonder do I hve to pay tax on it, because recently someone told me that tax is not payable, and then I red in the paper that I have to pay tax on deposit. I just can’t understand why I should pay tax on something that is mine. |
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glendon
Apprentice
Joined: 02 Dec 2004
Posts: 3
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| Posted: 05/14/08 - 01:43 Post subject: |
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| Every earning you make is taxable, not only the deposit interest, but also money you have earned from selling shares etc. Of course, there are exemptions, and it depends on the amount of money you have deposited and also on the interest you are receiving. However, there are countries with no similar tax and some believe that it is unnecessary tax. It is tax on interest earned on bank accounts and it is assessed on the gross amount. Some people think that it discourages savings, and I must say that I agree with it. It simply looks unfair from the Government to do this. |
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