A rate of not more than 15 per cent of your income must be paid to the Inland Revenue Department, with sliding rates in different cases. In exceptional circumstances, the tax department will allow late payment with a minimum 5 per cent surcharge. Also, ensure that the file number on your return correlates with all other correspondence received. Besides the traditional means of queuing up at the tax department or dropping a cheque in the payment box, these days tax can be paid by phone, automated teller machine or via the Internet. Promotional discount vouchers are being offered to encourage users.
Interest is paid on the money put aside.
It is useful for working out how those seemingly inconsequential deductions add up to solid savings. A letter will be needed from the employer to claim back on rent. Estate duty is payable in the case of a death in the family. For other deductions, check the list of approved charities, note the costs of self-education and claim for dependents. If a business has made a loss or interest is paid on a mortgage, there are benefits from a personal tax assessment rather than being taxed at the standard rate.