Unpaid Credit to Non-Residents: Tax Implications
· WOWERI
War doesn't exempt tax on interest. What residents need to know.
Unpaid Credit to Non-Residents: Tax Implications
Delayed credit repayment due to war doesn't exempt residents from paying tax on interest. Tax on interest is calculated on the credit amount, regardless of the delay reasons.
What Residents Need to Know
Residents should be aware that tax on income is also calculated on the credit amount. Therefore, residents must pay tax on interest and tax on income.
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