The Minister of Finance has in his Budget Speech for the year 2024 announced that the amount of pension income which will for the year 2024 be excluded from the taxable income will amount to 60%. Since the year 2022, pension income has gradually been excluded from the computation of taxable income so as to encourage pensioners to continue working beyond retirement age.
Furthermore, as from 1st January 2024, an exemption will apply to pensions derived by widows and widowers under the age of 61.
