CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
"employees' profit sharing plan" means an arrangement whereby
the whole or part of a company's annual bonus distribution is
transferred to a trustee to be applied towards the purchase of shares
in the company to be held by the trustee to the use and benefit of
the employees of the company and otherwise dealt with in
accordance with this section.
36. Amended/Deleted by Finance Act, 1989
37. (1) Amended/Deleted by Finance Act, 1989
(2) Amended/Deleted by Finance Act, 1989
(3) Subject to subsection (4) interest on treasury bonds is exempt from
income tax.
63 (4) The exemption referred to in subsection (3) applies only to such portion
of treasury bonds held by any person which will not exceed the sum of
sixty thousand dollars as at 31st December 1986 and increasing that sum
by four thousand dollars per year in each of the next five succeeding years.
Act No.14 of 1987
37A. Amended/Deleted by Finance Act, 1989
37B. Where an individual to whom section 17 applies holds tax free housing
bonds, the interest on that portion of the value of the bonds that does not
exceed eighty-four thousand dollars is exempt from tax.
Certain interest on housing bonds exempt
Finance Act, 1989
38. (1) Subject to this section, an employer may with the approval of the
Board establish an employees' savings plan to which contributions may be
made annually by the employer and the employee. Employer may establish employees' savings plan
Act No.46 of 1977
(2) All persons in the employ of an employer are eligible to become
members of an employees' savings plan (hereinafter referred to as "the
plan").
(3) The Board shall not approve the establishment of a plan unless it is
satisfied that - Act No.46 of 1977
(a) membership in the plan is voluntary;
(b) the plan is intended as a supplement and not as a substitute for
any approved pension fund plan or deferred annuity plan;
63 BIR Note: Effective 1 st January 1987.
BIR Mac Edition 91/01 Page 66