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PHILIPSBURG, Sint Maarten – Pensioners being taxed on theirpension income is a great concern toMP ClaudiusToontjeBuncamper, leader of the United St. Maarten Party ((USP)) faction in parliament, whoon Monday sent a letter to the minister of Finance,ArdwelIrion, regarding the levying of income taxes on pension. In his letter to the minister MP Buncamper mentionedthat pensioners are dissatisfied with wage/income tax being levied to their already low pension income, especially in these challenging times when the pension might be their only source of income. The MP did not stop short to acknowledge the fact thatpensionershave benefitted from the deductions of their pension premium payments from their gross salaries, while government had tosustain that loss of income.MP Buncamper, who is considering the possibility to discontinue levying wage/income tax on pension income, submitted a number of questions relevant to his concerns to the minister of finance.The MPasked the minister if hisministryisconsidering the possibilities to cease levying wage/income tax on the pension income?And, if so, what plans are there in place to do so and what timeframe is proposed for such? Buncamper inquired from the ministerhow much additionalincomewould government stand to generate if the pension premiums of all working residents were no longer deductible from the gross salary, and the income tax was to be calculated based on the gross taxable salary?He also queried if it would be beneficial for government to levy taxes on the gross salary (without deducting the pension premium payments) and cease levying taxes on pension income, and how much government would stand to lose or gain?MP Buncamper queried if government will have a solution to cover the such loss, if any, in the 2022 budget.
MP Buncamper is of the opinion that if the premium payments are no longer deductible, then the pension income can be exempt from income tax.
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