CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
(4) Amended/Deleted by Finance Act, 1989
(5) Amended/Deleted by Finance Act, 1989
(6) For the purposes of this section a contribution of an employee paid by
an employer on behalf of the employee to an approved fund or scheme
referred to in subsection (1)(c) shall be deemed to be a contribution to
such fund or scheme by the employee.
(7) In this section -
"approved" means approved by the Governor-General before the
passing of the Income Tax (Amendment) Act 1963;
"any Commonwealth country" includes Pakistan and South West
Africa.
*BIR Note: Effective 1 st January 1998
**Effective 1 st January 2003
(8) Amended/Deleted by Finance Act, 1989
28. (1) In this section and in section 11(1)(h) and sections 29 to 32 - Definitions
Finance Act (No 2) 1993
Amended by Finance (No. 2) Act, 1993
42 (a) "actuarial reserve" means -
(i) in the case of an approved pension fund plan, the cash
equivalent of the benefits that would be payable to an
employee if he left the service of the employer on the date at
which the reserve is determined, including the amount of any
tax payable in respect of the said benefits;
(ii) in the case of an approved deferred annuity plan, the surrender
value which would be payable on the date at which the reserve
is determined if the contract were capable of being surrendered,
including the amount of any tax payable in respect of the said
surrender value;
(aa) "actuary" means a Fellow by examination of the Institute of
Actuaries in England, of the Faculty of Actuaries in Scotland or the
Society of Actuaries in the United States of America or an actuary
possessing such other qualifications as may from time to time be
approved by the officer designated to be the Supervisor of
42 BIR Note: Paragraphs (a) and (aa) effective 22nd October, 1993
BIR Mac Edition 91/01 Page 44