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(1) Tax is not payable by an employer or employee in respect of contribution towards retirement or pension schemes under this Act.

(2) Tax is not payable on the benefits received under this Act.

(3) The social security scheme and any existing scheme under this Act is an approved scheme for ascertaining the chargeable income of a person for making the appropriate deductions under the income tax law, and income tax shall not be paid by an employer in respect of a worker on contributions which do not exceed thirteen and one half per centum of that person’s total salary.