Common use of Income Tax Clause in Contracts

Income Tax. I. Time deposit interests accrue at the board rate from the time deposits are placed, for which the Bank is obligated by tax law to withhold taxes from interest income. II. Tax-exempt persons are required to produce proof when collecting interest payments, or apply for tax refund before the 5th day of the following month.

Income Tax. I. Time deposit interests accrue at the board rate from the time deposits are placed, for which the Bank is obligated by tax law to withhold taxes from interest income. II. Tax-exempt persons are required to produce proof when collecting interest payments, or apply for tax refund before the 5th day of the following month.