How could LIT be applied on investment income?
Local income tax will be paid on investment income and will be collected at source and will be charged at the average rate. The revenue will then be redistributed to local authorities under the spending formula used by the government to support local council expenditure. This will allow for easier and simpler collection and will not require a large bureaucracy.
Related Questions
- Did the Fund pay a year-end dividend? If so, what was the record and pay dates, the amount, and was the dividend from capital gains or from net investment income?
- How does NaviPlan Standard apply the average tax rate to the different types of investment income?
- How could LIT be applied on investment income?
