Avoid 10% WHT on Interest Income – IRD Self-Declaration Explained

⭕️ The Inland Revenue Department (IRD) has introduced a self-declaration form for resident individuals whose income falls below the taxable threshold of 1.8 million.

⭕️ If you are eligible, when accepted, this exempts you from having Withholding Tax (WHT) deducted from your interest income.

⭕️ You DO NOT need to visit the IRD office! Simply submit the form directly to your financial institution (bank).

⭕️ You MUST have a Tax Identification Number (TIN) to submit this self-declaration. If you don't have one, obtain it as soon as possible.

⭕️ If you fail to submit the declaration before the end of April, banks will deduct 10% WHT from your April interest income.

⭕️ Note: Once WHT is deducted, financial institutions CANNOT refund it - even if you submit your declaration later. You'll need to go through the IRD's refund process to recover already deducted amounts. If you are eligible please submit the self declaration as soon as possible.

self-declaration form: https://t.co/NnYeQo1L5s

Obtain a TIN: https://t.co/TuwvGvLIVd

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