The law now permits Jamaicans tax-free retirement savings to a maximum 20 per cent of their annual income. Previously, the tax-free cap was $6,000.
The revision also allows lump sum deposits to an IRA not excee-ding 20 per cent of annual income, rather than the $120,000 lump sum limit that obtained before.
UHY Dawgen Payroll Department can assist your Organisation with information:
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