Income Tax Act (Cap. 52:01) amended with effect from 15 January 2024
The Income Tax Act (Cap. 52:01) was amended with effect from 15 January 2024 to increase the exemption thresholds of pensions, annuities, bonuses, gratuities and payments in commutation of pension or annuity entitlements as listed below:
The increase in the tax-exempt thresholds provides relief for taxpayers (especially senior citizens) as this increases their disposal incomes and offers a significant cushion against the high inflation experienced in recent years.
Leonard Muza | leonard.muza@kpmg.bw
Kenneth Sakonda | kenneth.sakonda@kpmg.bw
Virginia Mutsago | virginia.mutsago@kpmg.bw
Onkarabile Charles | onkarabile.charles@kpmg.bw