Where do I enter the savings fund and is it taxable?

  • Modified on: Mon, 19 Mar, 2018 at 4:53 PM

In Celery, the savings fund is entered under wage code 600. With regard to the employer’s contribution 5% of the annual wages (with a maximum of ANG 840.00 annually) is free of tax. The employee’s contribution concerns a contribution from the net salary over which taxes and premiums have already been paid.

Not every savings scheme complies with the requirements to be eligible for the exemption as mentioned above. The exact requirements for such a savings scheme can be found in the Wage Tax Manual 2004 (page 14), which can be downloaded here.

Did you find it helpful? Yes No

Send feedback
Sorry we couldn't be helpful. Help us improve this article with your feedback.

Contact Us

If you have question which are beyond this knowledgebase kindly contact us