Pensions (Tax Exemption) (Amendment) Rules, 2023

B B 330

L.N. 48 of 2023

INCOME TAX ACT

(CAP. 123)

Pensions (Tax Exemption) (Amendment) Rules, 2023

IN EXERCISE of the powers conferred by article 96 of the

Income Tax Act, the Minister responsible for finance has made the

following rules:-

(1) The title of these rules is the Pensions (Tax

Citation and

commencement.

Exemption) (Amendment) Rules, 2023 and these rules shall be read

and construed as one with the Pensions (Tax Exemption) Rules,

hereinafter referred to as "the principal rules".

(2) These rules shall be deemed to have come into force on 1st

January 2023.

Rule 3 of the principal rules shall be substituted by the

Substitutes rule

3 of the

following new rule

principal rules.

"3. Pension income derived by an individual on or after 1

January 2022 shall be partially or fully exempt from tax as

follows

Applicability of the exemption

Amount exempt

Pension income derived in the year

Twenty per cent (20%), but not

immediately preceding the year of exceeding two thousand, eight hundred

assessment 2023

and sixty-four euro (€2,864)

Pension income derived in the year

Forty per cent (40%), but not

immediately preceding the year of exceeding five thousand, nine hundred

assessment 2024

and eighty-seven euro (€5,987)

Pension income derived in the year

Sixty per cent (60%), but not

immediately preceding the year of exceeding eight thousand, nine hundred

assessment 2025

and eighty-one euro (€8,981)

Pension income derived in the year

Eighty per cent (80%), but not

immediately preceding the year of exceeding eleven thousand, nine

assessment 2026

hundred

and

seventy-four

euro

(€11,974)

Pension income derived in the year

One hundred per cent (100%), but

immediately preceding the year of not exceeding fourteen thousand, nine

assessment 2027 and in subsequent hundred and sixty-eight euro (€14,968)".

years

€0.09