Retirees aged 65 and above set for lower pension on new tax

Treasury secretary Ukur Yatani wants monthly or lump sum pension paid to senior citizens subjected to applicable income taxes through the proposed changes in the Finance Bill 2020.

Mr Yatani has reintroduced the proposal in the Bill after it was voted out by lawmakers in the Tax Amendment Act which was passed in April to cushion businesses and workers from Covid-19 shocks.