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Tuesday, June 23, 2009

Using Interest to Pay Tax

Q: Can I use interest money to pay tax (SARS)?

Remember that placing money in the bank to earn interest is not allowed. However if one had to use the banking system for business purposes and then happens to receive interest, it may be used to pay income tax and rates. Obviously such interest may not be used for personal needs.
And Allah knows best

Mufti Siraj Desai