08 Jan Personal income tax deduction
On 6 December 2019, the House of Parliament approved an increase in the maximum annual tax deduction for life and private medical insurance premiums, and contributions to social insurance, pension and provident funds, and the General Health System (GHS) from an amount equal to one sixth (1/6th) to an amount equal to one-fifth (1/5th) of an individual’s taxable income as calculated prior to this deduction.
The above amendment will enter into law once it is published in the Government Gazette and will be applicable for tax year 2019 onwards.
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