answersLogoWhite

0

It allowed pension contributions to be deducted from the firm's taxable income, permitted tax-free accumulations within pension funds, and allowed deferral of personal income taxation on pensions until retirement

User Avatar

Wiki User

14y ago

What else can I help you with?

Related Questions

What were the provisions of the Technical and Miscellaneous Revenue Act of 1988?

the Technical and Miscellaneous Revenue Act created a class of life insurance contracts, the policy loans and surrender payments of which are subject to taxation rules similar to deferred annuities


What does FICA-S mean on a pay stub?

Federal Insurance Contributions Act (FICA). The payroll taxes are sometimes even called "FICA taxes." In the original 1935 law the benefit provisions were in Title II of the Act (which is why we sometimes call Social Security the "Title II" program.) The taxing provisions were in a separate title, Title VIII. There is a deep reason for this, having to do with the constitutionality of the law (see discussion of the Constitutionality of the 1935 Act). As part of the 1939 Amendments, the Title VIII taxing provisions were taken out of the Social Security Act and placed in the Internal Revenue Code. Since it wouldn't make any sense to call this new section of the Internal Revenue Code "Title VIII," it was renamed the "Federal Insurance Contributions Act." The payroll taxes collected for Social Security are of course taxes, but they can also be described as contributions to the social insurance system that is Social Security. Hence the name "Federal Insurance Contributions Act." So FICA is nothing more than the tax provisions of the Social Security Act, as they appear in the Internal Revenue Code.


What are homestead act provisions?

Homestead Act provisions vary from state to state but generally prohibit the siezure of a primary residence by creditors.


Internal revenue act 2000 act 592?

The Internal Revenue Act of 2000, also known as Act 592, is a legislative framework in Ghana aimed at consolidating and reforming the country's tax laws. It establishes regulations for income tax, value-added tax (VAT), and other forms of taxation, seeking to enhance revenue collection and ensure compliance. The act also includes provisions for tax administration, enforcement, and penalties for non-compliance, aiming to create a more efficient and equitable tax system. Overall, it plays a crucial role in Ghana's fiscal policy and economic management.


What were the main provisions of the Stamp Act of 1765?

see stamp act of 1765


Is a policy valid if it does not conform to the uniform provisions act?

Will be construed as if it conformed to the Act.


Provisions to the Brady Act 2006?

There's no such thing as the Brady Act of 2006


What was the revenue act of 1764?

The Revenue Act of 1764 was also known as the Sugar Act. This act was passed on April 5th, 1764 by the Parliament of Great Britain in an attempt to raise revenue through the taxation on sugar and molasses that were purchased by the colonists.


How did the American revenue act affect the relationship between England and the colonies?

How did the American Revenue Act affect colonial economies?


The american revenue act was commonly known as?

The Sugar Act


The Townshend Acts consisted of which of the following?

the revenue act and the indemnity act


What are the major provisions of the National Labor Relations Act and the Taft Hartley Act?

weaken unions