National Pension Commission Issues Circular to Curb Abuse of Voluntary Pension Contribution Scheme
The National Pension Commission (PenCom or “the Commission”) on Thursday, 16 November 2017, issued a Circular on “Withdrawal from Voluntary Contributions” to all licenced Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) in Nigeria.
This is in apparent reaction to representation from tax authorities on the alleged abuse of voluntary contribution (VC) as a tax planning tool by employees, and its negative impact on their revenue from personal income tax.
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