Under Section 16(d) of the Income Tax Act, 1981, the income earned by Stokvels, including returns from their investments, is exempt from income tax. That means no tax is payable on their earnings. So if you’re part of a Stokvel, rest easy knowing that your collective savings and investment income are out of Sam Shivute and his navy blue and orange army’s reach.
– Update by Lazarus Amukeshe, Hdip Tax
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