Income Tax (Amendment) Act, 2020 (Act 1017)

ARRANGEMENT OF SECTION

1. Section 94 of Act 896 amended

PURPOSE

AN ACT to amend the Income Tax Act, 2015 (Act 896) to exempt withdrawals from provident funds and personal pension schemes as a result of loss of employment or capital due to the Novel Coronavirus (COVID-19) pandemic and to provide for related matters.

DATE OF ASSENT

8th May, 2020.

ACT

1. Section 94 of Act 896 amended

The Income Tax Act, 2015 (Act 896) is amended in section 94 by the insertion after subsection (3), of

"(4) A withdrawal from a provident fund or personal pension scheme before the retirement age by reason of the Novel Coronavirus (COVID-19) pandemic, by

(a) an employee du to loss of permanent employment, or

(b) a self-employed person from the personal saving account provided for under paragraph (a) of subsection (2) of section 109 of the National Pensions Act, 2008 (Act 766) is exempt from income tax.".