123 Consulting

ANOMALIES IN FRINGE BENEFITS REGARDING RETIREMENT FUNDS ADDRESSED

With effect from 1 March 2016, and in terms of paragraph 2(l) of the Seventh Schedule to the Income Tax Act, all employer contributions to a retirement fund on behalf of employees are considered taxable fringe benefits in the employees’ hands. In turn, paragraph 12D(2) of the Seventh Schedule stipulates that if the employer contributes towards a fund […]

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