Hi, I have just completed your online tax return, but got stuck with the following problem: I have deductions for Provident Fund (N$33 906) and Retirement A/F (N$15 050) which add up to N$48 956. The online tax return add it up to N$40 000. Is there an explanation for this difference of N$8 956 when final computing of tax payable is done?
Yes, the explanation is that you are only allowed to claim a limit of N$40,000 per annum for contributions made to pension, retirement,annuities an study policies per annum. If you claim more, Inland Revenue will deny the claim. So TaxTim automatically limits the claim.
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