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of <h1>Securities Transaction Tax Deduction Allows Taxpayers to Offset Business Income with Paid Transaction Taxes Until 2009</h1> Statutory provision provides a tax rebate for income from securities transactions. Taxpayers can claim a deduction equal to the securities transaction tax paid when reporting business income from taxable securities transactions. The deduction is limited to the income tax calculated on such transactions using the average tax rate. Evidence of securities transaction tax payment must be submitted with the income tax return. The provision was applicable until the assessment year beginning April 1, 2009.
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