No more tax exemption on private pension receipts

No more tax exemption on private pension receiptsPrivate pension and insurance payments paid by employees and employers on behalf of employees used to have income tax exemption. As of 3 months from June 2012, the current method will be readjusted based on the following:
Private pension receipts by employee will not have anymore exemption.  The state will make a contribution to be followed in a different fund and these contributions will be annually limited to minimum wage for a year and up to 25% of employees’ private pension payments.
• Private pension payments made by employers will be exempted up to 15% of employees’ gross salary. Annual tax-exempt amount cannot exceed the annual minimum wage amount.

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