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Senate amends Income Tax Act

Published:Friday | February 15, 2008 | 2:37 PM

The senate passed a bill today amending the Income Tax Act providing for significant improvements in tax incentives allowed for contributions to pension schemes.

Under the new arrangement, the government will provide income tax relief of up to 20 percent of the annual income of an employee or a self employed person, which goes toward a retirement scheme.

Employers will also receive income tax relief on the amount of money they contribute to the employees pension scheme.

Minister without portfolio in the Finance Ministry, Don Wheby piloted the bill.

He hailed it as a measure for providing significant improvements in incentives, for contributions to such schemes.