#TaxationSimplified: Taxable & Non-Taxable Allowances So you have recently landed a new job and have been granted some allowances to carry out your responsibilities. The first question you should ask is what is an Allowance? And secondly, what are the applicable taxes on these allowances? Continue reading this week’s #TaxationSimplified, as we explain how these [...]
#TaxationSimplified: Meal Allowances This week’s #TaxationSimplified, explains how employees of both the Private and Government Sectors benefit from Meal Allowances. Meal allowances are generally considered taxable and are paid to employees for the purchase of meals throughout the course of the normal working day. However, some considerations are provided to both private and public sectors [...]
#TaxationSimplified: Housing Allowance Are you the recipient of a housing allowance from your Employer to cover your rent, boarding or lodging expenses? Then this week’s #TaxationSimplified is for you! Is Income Tax charged on the housing allowances issued by my Employer? Section 5 of the Income Tax Act provides for the charge of Income Tax [...]
#TaxationSimplified: Taxable & Non-Taxable Allowances So you have recently landed a new job and have been granted some allowances to carry out your responsibilities. The first question you should ask is what is an Allowance? And secondly, what are the applicable taxes on these allowances? Continue reading this week’s #TaxationSimplified, as we explain how these [...]