Thursday, April 25, 2024

Clarifying info in ‘Tax-cut relief’ letter

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IN YOUR EDITION of Thursday, September 3, 2015, on Page 3, the news item headlined Tax-cut Relief carried a paragraph stating tax allowances no longer applicable such as mortgage interest, house insurance and home repairs.

Savings in cooperative societies were removed many years ago, now making it more difficult for the average taxpayer expecting a tax ease.

In a subsequent paragraph of the same article, the author stated tax deductions that would still be granted as contributions to trade unions and statutory associations, National Insurance contributions paid on behalf of an employee, donations to charities, including the church, and energy audits.

Unfortunately, there was a glaring omission from the above list. When I last read the Individual Income Tax Return – Income Year 2014, there was a column with the following information: “Subscriptions by parliamentarians to a political party (Max. the lesser of 10% of salary or $5 000”).

As far as I am aware, and writing subject to correction, this provision still applies for that particular category of taxpayer.

 

Michael Ray

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