CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
least one of whom is a representative of the employees selected by the
employees.
(3) No employer shall be capable of being a trustee in respect of any plan.
31. (1) An individual to whom section 17 applies who:
Rules for deductions in respect of insurance, etc.
Finance Act, 1997
F.A. 35/98*
(a) Amended/Deleted by Finance Act, 1989
*Effective 1 st January 1998
(b) has made a contribution under such written laws or to such approved
fund or scheme as is mentioned in section 27(1)(c) or to an
approved pension fund plan or has paid premiums under an approved
deferred annuity plan, shall be allowed a deduction of the
contributions made or premiums paid or both; Amended/Deleted by Finance Act, 1989
Amended G.N.. no. 5 of 1990
Finance Act, 1997
(c) being an insured person within the meaning of the National Insurance
Act, has paid a contribution as is mentioned in section
27(1)(d) shall be allowed a deduction of seventy per cent of the annual
amount of the contribution so paid. Ch. 32:01
52 (2) In this section "premiums" includes premiums paid for a waiver of
premium benefit. Finance Act, 1993
(3) Amended/Deleted by Finance Act, 1989
(4) Amended/Deleted 16 G.N. 5 of 1990
53 Finance Act 1990
(5) Amended/Deleted 17 G.N. of 1990
32. (1) The President may make regulations generally for the purpose of
carrying out the provisions of sections 28 to 31 and such regulations may
provide for the granting of pensions and gratuities to employees under an
approved pension fund plan.
Regulations
(2) The regulations shall be laid on the table of the Senate and the House
of Representatives within thirty days of the making thereof.
(3) Where the President is satisfied that it is equitable that any regulation
should have retrospective effect in order to confer a benefit upon or
52 BIR Note: Effective 1st January, 1993 (the roiginal subsection (2) was deleted by Finance Act, 1989)
53 BIR Note: Change effective 1st January, 1990
BIR Mac Edition 91/01 Page 57