19 July 2016 at 11:57
Are interest on underpaid tax deductible? With other words interest paid to the Receiver for taxation underpaid. Can I include these interest as an expense in my current year. Are they deductible on my tax calculation.
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19 July 2016 at 12:22
Unfortunately the interest paid on taxes is not tax deductible. The Act prohibits certain expenses and interest and penalties paid on taxes are specifically prohibited.