21Nov, 2014

Retirement tax reforms postponed

By: | Tags: | Comments: 0 | November 21st, 2014

The proposed increased tax benefits for retirement fund contributions have been put on hold for at least a year. As a result, transfers from pension to provident funds will continue to be taxed.

Provident fund members are also required to buy an annuity on retirement, which may disqualify them from receiving the old age grant.