Tax exemption applicable on any pension income derived on, or
after 1 January 2022, by an individual who is at least 61 years
old.
A new tax exemption pertaining to pension income has been
introduced through the publication of Legal Notice LN 98 of 2022,
which was recently amended by Legal Notice 220 of 2022 – the
updated legislation is entitled Pensions (Tax Exemption) Rules.
The Rules shall be applicable on pension income derived on, or
after 1 January 2022, by an individual, who is at least sixty-one
(61) years old in the year in which the pension income is received.
Such income shall be partially or fully exempt from tax as
follows:
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Applicability of the exemption |
