Some employers do reward their employees with a monetary grant whenever they have attained an additional qualification. Are these “rewards” taxable or not? Are they part of the fringe benefits class?
Nope.
Section 16(v) exempts from income tax any amount received or accrued which is proved to the satisfaction of the Minister to be a “single” grant on obtaining a higher or additional academic qualification at any acknowledged educational institution.
Enjoy being a degree hotter.
– Update by Lazarus Amukeshe, Hdip Tax
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