INCOME TAX ACT 1967 (ACT 53)
PART II - IMPOSITION AND GENERAL CHARACTERISTICS OF THE TAX




Section 16. Voluntary pensions, etc.




Where any pension or other periodical payment is paid voluntarily to any person who has permanently ceased to exercise an employment (or to his widow, child, relative or dependant) by his former employer or the successor of his former employer, there shall be deemed to be a source of that person or of his widow, child, relative or dependant, as the case may be, in respect of that pension or payment and that pension or payment shall be deemed to be gross income from that source chargeable to tax.



Related reading:


Copyright 2002 PNMB LawNet. All rights reserved.