With, hopefully, budget preparations being in train by the Minister of Finance, I thought I would put in my two cents for pensioners who usually get short-changed annually.
�2First, portable oxygen concentrators (I emphasise portable). They are the life-blood for people with COPD, in particular with advanced emphysema. These attract ten per cent duty and subsequently 15 per cent Vat. That means a concentrator costing say US$2,000, would in fact be increased by over 25 per cent landed.
It is difficult enough to find US$2,000 but to make one's life more liveable, to have to pay a further 25 per cent, is iniquitous. Such concentrators should be duty and Vat-free. These concentrators, unlike others, allow the "patient" to move around, go to sports events, malls, cinema–things taken for granted by the general population.
�2Second, annuities. Having purchased an annuity over time when employed, the individual gets a tax break on the premium, so I have no problem with having to pay tax when the annuity is encashed. But for how long?
I purchased an annuity over ten years and have been paying tax for 17 years on the proceeds. My recommendation, therefore, is that once an annuity has been paid for ten years in successive months and the person in receipt of same is over 70 years-old then the proceeds of said annuity should become tax-free.
Lump sum payments/proceeds are unacceptable. It must be appreciated that the proceeds of an annuity never increase. Would the Minister, Members of Parliament and the Civil Service go for 17 years without an increase?
This would be easy to control by the relative insurance company supplying a certificate to the effect that 120 payments have been made.
The above suggestions of course are quite selfish ones but I am aware of the problems many pensioners are having to deal with when facing day-to-day living and "breathing" expenses as I do.
The cost to the Gov't of the day, considering that after nine years it will now cost $1 billion to bring two buildings originally costing $100 million-plus each into play, will be non-existent.
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Dallas Kidman,
Petit Valley