Tax only becomes payable when the total amount you've withdrawn from your iPayTax Account exceeds the total amount you've deposited into it. If your withdrawals never exceed your deposits, no tax is due on that account, regardless of how long you've held it or how much it has grown internally through trading. Once, in a given year, your cumulative withdrawals do exceed your cumulative deposits, that excess counts as taxable income for that year. You then report and pay tax on it via your annual income declaration, normally the following year.
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When is tax payable on iPayTax income?
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