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New tax practice note

The Income Tax Division has released a new practice note on the EU directive on the taxation of savings income.

The note is an update on reporting procedures and related matters for paying agents.

In the note are details of reporting requirements for interest income which accrues before and after 1 July 2008, as the retention tax rate increases from 15 to 20 per cent.

There are also updates on submissions dates for information exchanges and potential future developments.

You can find more details on the government’s website, gov.im

(Image: Stock picture of tax forms).

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