IN EXERCISE of the powers conferred under section 13 (2) of the Income Tax Act, the Minister for Finance exempts from income tax the lump sum retirement benefits and the twenty per cent (20%) discount on the outstanding house and car loans received by employees of the Industrial and Commercial Development Corporation who opt to retire under the Voluntary Early Retirement Scheme approved by the Government on 7th October, 2005:
an employee who opts for early retirement shall not be eligible for re-employment with the Industrial and Commercial Development Corporation, in any capacity or under any terms whatsoever, before the expiry of three (3) years from the date of such retirement; and
the Industrial and Commercial Development Corporation shall, in addition to complying with any procedures that the Commissioner of Income Tax may require, furnish the Commissioner, in respect of every employee being retired, with the name, date of retirement from the Industrial and Commercial Development Corporation, the amount paid and a copy of a letter confirming the retirement of the employee from the Corporation.
Dated the 25th January, 2006
Minister for Finance.