Parliament spares retirees burden of taxation in old age

Wakanda News Details

Parliament spares retirees burden of taxation in old age

Parliament adopted a recommendation to spare retirees aged 65 and above and the National Social Security Fund (NSSF) from paying taxes, to protect pension earnings.

The Treasury had in its Finance Bill 2020 proposed a tax of up to 25 percent on the monthly payment of pensioners and NSSF’s annual earnings.

The imposition of tax on NSSF income was expected to lower the annual interest that the fund pays on pension savings, ultimately offering retirees a smaller retirement pay.

The Treasury also wanted the monthly or lump sum pension paid to senior citizens to be subjected to applicable income taxes of between 10 percent and 25 percent through the Finance Bill, which will become law on July 1.

MPs said the Treasury proposal would have amounted to double taxation because pensioners paid taxes on their monthly earnings during their working days.

Source: Business Daily

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