Personal income tax (PIT) is levied on wages and salaries at progressive rates. The brackets for the progressive payroll tax rates became between 2% and 25%, instead of between 2% and 20%, as per Article 23 of Budget Law 2019, which amended Article 58 of the Income Tax Law.
Section 80E of the Income Tax allows deduction from taxable income in respect of interest on loan taken for higher education. Let's find out how you can save tax with your Education Loan. As per section 80E, the interest on education loan can be claimed as a deduction with no upper [...]
The Compensation Fund provides compensation for workers who get hurt at work, or sick from diseases contracted at work, or for death as a result of these injuries or diseases. This Workmen’s compensation is a compulsory form of insurance providing wage replacement and medical benefits to employees injured in the course of their employment.
The Unemployment Insurance Fund (UIF) gives short-term relief to workers when they become unemployed or are unable to work because of maternity, adoption leave, or illness. The fund also provides relief to the dependents of a deceased contributor. The vision of the Unemployment Insurance Fund (UIF) is to strive to contribute to the alleviation of poverty in South Africa by providing effective short-term unemployment insurance to all workers who qualify for unemployment insurance and other related benefits.
SDL is a levy imposed to encourage learning and development in South Africa and is determined by an employer’s salary bill. The funds are to be used to develop and improve the skills of employees. SDL is payable by employers, who have been registered. Where an employer expects that the total salaries will be more than R500 000 over the next 12 months, that employer becomes liable to pay SDL. SDL contributions must be paid monthly along with an employer’s PAYE and UIF liabilities when submitting the EMP201.
PAYE stands for Pay-As-You-Earn. It is a withholding tax on the taxable incomes of employees. Under this system, an employer is required by law to deduct income tax from an employee’s taxable salary or wages. When you earn a salary or commission from your employer – your employer is obliged to deduct tax from you monthly.
The Nigeria Social Insurance Trust Fund is a proactive and employee dedicated government institution committed to the welfare of employees in the event of work-related accidents and injuries. NSITF applies to every employer and employee in the public and private sectors.
NAPSA was formed to provide income security against the risk arising from retirement (old age), death, and invalidity with a focus on the adequacy of benefits and monthly receipt of pension in a better way than the repealed ZNPF.
The tax deduction card also know as a P9 form in Kenya is a standard tax deduction form issued by employers to the employees with total emoluments for the year, it includes The basic salary, Benefits, Allowances, Gross pay, Pension contribution, PAYE (pay as you earn), Personal relief entitlement.
This help document describes how you can calculate Tax Liability from Income Tax using an online income tax calculator. Step 1: Open the Income Tax Calculator Go to www.lenvica.com / Solutions / Income Tax Calculator Step 2: Fill in the basic details to start with [...]
