hi i need some financial advices with social security fund and taxes. the thing is that i have been contributing to ssf for around 27 month. to reduce tax at maximum, i have been contributing to its retirement fund aswell. Within this 27 month i have already contributed around 1060000 from which around 675000 is from retirement fund.
the question is that should i pay more tax and not to contribute for retirement?or should i continue contributing to retirement fund to reduce tax. because within this 27 month the ssf app shows the accrued interest of just around 18000. from which i would have already earned more than 70k from fixed deposit of that retirement fund amount.
please suggest me which will benifits me and is there any way to reduce income tax here in nepal?
View on r/Nepal by SnooPeppers2085
i would suggest you to contribute an additional amount to cit rather than ssf.
That 18k accrued interest should be related to only this year. The interest on previous years was already credited into your account at ashad end along with additional “returns on investment”. That is around 10-11% return (8% published rate +additional 2-3% in the form of participation into returns from investment). Check your statement. I think that is a good return.
If you are really investment savvy and disciplined with you money, then withdraw and invest (but as you said there are additional taxes). If not I think deposit into SSF is not that bad.
Tyatro difference nahola FD Ra SSF ma.
Thing is will you really get chance to utilise the ssf fund at latter age. With out unstable govt. I have a doubt. Govt. Can’t afford to pay salary to employees, will it pay to citizens for free ? Is ssf amount withdrawable ?