Not only that, but within a defined contribution scheme, should the pension holder die before age 75 the beneficiaries can take the money as income or as a
lump sum tax free, subject to lifetime allowance limits.
It was our proposal that 20 percent
lump sum tax should be recovered from us because 40 per cent tax evading mafia evades their tax every year by changing the name of industry and company and if government collects this tax lump sum then at least 15 to 20 billion rupees can be collected annually.
According to several TV stations, President Michel Aoun, caretaker Prime Minister Saad Hariri and caretaker Finance Minister Ali Hasan Khalil decided to freeze the implementation of the
lump sum tax.
Its spending is financed by a
lump sum tax levied on households and by foreign loans.
But it deleted the line imposing a flat rate
lump sum tax on small and medium enterprises.
Basically, it is a
lump sum tax payable on the completion of the purchase of any property by the purchaser.
In fact, instead of applying [T.sub.11] to all agents with positive incomes and [T.sub.10] to the agents with zero income at t = 1, we could equivalently apply a uniform
lump sum tax [T.sub.1] = [T.sub.11] to all agents (regardless of income) and give a disability (on unemployment) benefit B = [T.sub.11] - [T.sub.10] to those who earn no labor income at t = 1.
Cars may be covered under
lump sum tax across all the states and the sale price of the vehicle before VAT (value added tax) may be adopted as the base for the purpose of calculation of tax."
A week went by and the government and the guilds both then announced July 12 a settlement by which the
lump sum tax would rise 15 percent, not 70 percent.
AIT depends on the type of pension plan you have but, for example, if you have a personal pension, up to age 75, the whole fund could be paid out as a
lump sum tax free.
