Tag Archives: MOBILE MONEY

Money Lending Regulation: Key Insights for Lenders and Borrowers

Institutions or money lenders are now under a mandatory obligation to allow borrowers at least five working days after signing a lending contract, to revoke or terminate the contract by written notice delivered to the institution or money lender.

The revocation termination is effective if the borrower repays the full amount of the loan at the time of cancellation of the contract and any other administrative charges, or fees which have been reasonably incurred in arranging the loan and these must not exceed two percent of the value of the loan.

DISPOSAL OF REAL ESTATE ASSETS; WHEN DO WITHHOLDING TAX OBLIGATIONS ARISE?

Withholding tax on real estate transactions is advance capital gains tax on the disposal of ”business assets”. And in turn, Capital gains tax is a subcategory of business income under the Income tax Act. And finally if a transaction does not amount to a trading transaction, withholding tax under business income does not arise because the proceeds of the sale are not received as taxable income.

Taxation of Interest Income from Fixed Deposit Bank Accounts: Compliance Obligations and Related Matters.

The commercial advantages of being exempt include better cash flow and working capital management; Exempt businesses easily avoid financial distress by taking some relief from the harshness of having to pay tax before it’s due; that is to say, before the obligation to file a final return and account for income tax, arises; which for non-individuals is 6 months after the end of the tax year.