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Torbey added that the double taxation will effectively cut the profits of some banks by at least 50 percent.The government raised taxes on the interest on deposits from 5 to 7 percent and applied a 17 percent tax on the total profits of the lenders, including the revenues generated from these deposits.In the past, previous governments applied a 5 percent tax on the interest on bank deposits but exempted these banks from paying 15 percent profit tax on the revenues generated from these deposits and bonds.
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