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Treasury plans for salary tax cuts over Shif, housing levy
Even before the SHIF, many employers reckon they had noticed a trend of monthly deductions eating more than two thirds of workers’ gross pay in an economy where the cost of living has remained high, with interest rates on loans having soared to highs of 18 years.
The Treasury is proposing further payslip reliefs from housing levy and Social Health Insurance Fund (SHIF) deductions, which have seen thousands of workers breach the employment law that demands they take home at least a third of their salaries.
In proposed amendments to tax laws, the Treasury seeks to deduct the housing and social health insurance levies from a worker’s gross salary before the pay is subjected to taxation, reducing one’s income tax.
