IPEC exempted from paying income tax

HARARE - The Insurance and Pensions Commission (IPEC) is now exempt from paying income tax following provisions gazetted by the Finance minister Patrick Chinamasa on Friday.

In a government gazette, Chanamasa said in terms of paragraph 2 (j) of the third schedule to the Income Tax Act, the income accruing to IPEC will be exempt from income tax with effect from February 1, 2009.

“The consequence of this declaration is that all income tax paid by IPEC prior to February 1, 2009 shall not be refunded,” the gazette reads.

Entities established for the purpose of conducting retirement investment and pension activities are exempted from paying tax.

By extending this benefit to IPEC, this measure will provide relief to the statutory body regulating insurance and pensions business in Zimbabwe.

The functions of IPEC include to register insurers, to register pension and provident funds, to monitor the activities of insurers, to provide information to the public on matters relating to insurance, to advise the minister on matters relating to insurance and pension and provident funds; and to perform any other function that may be conferred or imposed on the commission in terms of this Act or any other enactment.

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