Withholding tax on life insurance policy payouts reduced, lowering payer obligation for deductible tax at source on taxable policy payments.

The amendment substitutes the existing two percent withholding requirement on taxable payments under life insurance policies with one per cent., affecting persons responsible for paying residents sums under a life insurance policy, including bonuses, where such payments exceed the aggregate threshold that triggers deduction; the change pertains to the withholding obligation and takes effect from the date specified in the instrument.

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