Tax Overpayment Interest Excluded from Income
This bill aims to exclude from taxable income any interest received by citizens from the tax authority on tax overpayments. This means if the government returns money to you with interest, you will not have to pay tax on that interest. This change applies to tax years beginning after the law takes effect.
Key points
Interest received on tax overpayments will not be included in taxable income.
Citizens will not pay tax on the extra money received as interest from tax refunds.
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