JUST IN: Taxation of pension incomes effective Nov. 1

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JUST IN: Taxation of pension incomes effective Nov. 1

St. Lucia News Online and other members of the media have just received an email from the National Workers Union (NWU) which includes a scanned copy of a letter from CIBC FirstCaribbean International  Bank advising retirees of income tax deductions from their pension payments effective November 1.

St. Lucia News Online understands that only pensioners who have reached a certain threshold in their payments will pay income tax.

“While we have not deducted taxes from your pension in the past, we are committed to partnering with you in fulfilling your tax obligations. Therefore, effective 01 November 2012, we will withhold tax from your pension  through the PAYE system, exactly the same way as you were taxed while employed,” the letter from FirstCaribbean, addressed to retirees stated.

CLICK HERE TO VIEW LARGER VERSION OF THE LETTER

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