Information for all senior citizens and pensioners about taxes that will help them to understand their entitlements and obligations.
As a retiree, pensioner and/or golden-ager there are certain benefits to which you are entitled based on your status.
Exemption for Pensioners & Golden Agers
The following exemptions apply in the circumstances outlined below:Persons under 55 years old, who receive a pension from a Statutory Pension Scheme e.g. NIS, or an Approved Super annuation Scheme, are entitled to the tax exemption amount of $80,000.00 against that Pension income only plus $441,168.00 – income tax threshold, totaling $521,168.00.
Persons 55 years and over, who receive a Pension from a Statutory Pension Scheme or an Approved Superannuation Scheme are entitled to a tax exemption amount of $80,000.00 from that pension income and any other source of income, plus $441,168.00 –income tax threshold, totaling $521,168.00.
Pensioners who are 65 years and over, are entitled to an exemption of $80,000.00 forage relief & 80,000.00 pension relief, plus $441,168.00 –income tax threshold, totaling $601,168.00."
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