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Tax on Private Pensions

Individuals
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20.1 Contributions to private pension funds

Monthly contributions made by members of private pension funds up to the level of the minimum wage are deductible from personal income for tax purposes.

20.2 Return on investment and capital gains

Returns on investment and capital gains from investments made with the assets of the pension fund are not subject to tax during the period of fund administration.

20.3 Early withdrawal of assets from the pension fund

Early withdrawal of assets is taxed at the applicable personal income tax rate on the full value of the assets withdrawn.

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