Tax is payable, but typically at a lower rate than you would pay if you paid the tax now and saved the after-tax amount. There are three ways in which you get a tax advantage from saving in a retirement fund:Taxpayers who contribute to a retirement fund enjoy a tax deduction up to certain limits. This includes contributions made to a retirement annuity, pension fund and provident fund.
The contributions you can deduct each year are 27.5% of your taxable income or remuneration, whichever is the highest, subject to a limit. For the purposes of calculating your tax deduction for retirement contributions your remuneration includes your salary, overtime pay, allowances, leave pay, bonus, fringe benefits and any gratuities or commission before any deductions.
As a contributor to a retirement annuity , you will be able to claim the tax deduction when you file your income tax return and, if you are a provisional taxpayer, you can reduce your taxable income by the amount you have contributed.If you are a salary earner contributing to an RA, you can ask your employer to adjust your monthly PAYE to take into account of your contributions to an RA.
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