Government is moving to remove income tax on pension payments from approved plans.
During this afternoonβs Lower House sitting, Prime Minister Kamla Persad-Bissessar said this move is a major reform aimed at easing the burden on retirees.
The measure will be included in the upcoming Finance Bill and will apply to income earned from January 1st 2026.
It is expected to benefit more than 39, 000 taxpayers annually.
The Prime Minister said financial planning for the future should be rewarded, not penalised, adding that Government remains committed to supporting citizens who plan responsibly.
