Section 38, The Income Tax Act, 2000

(1) An employer’s contributions to a complying retirement fund in respect of each employee shall be allowableup to a limit of thirty percent of the employee's employment income in the year. (2) An individual's contributions to a complying retirement fund shall be allowable to the extent of thirty percent of his employment income in the year less any contributions for his benefit by an employer. (3) Where an employer or individual has incurred an expense, including any contribution to a fund other than a complying retirement fund to acquire a right to receive a pension or annuity, the expense or contribution shall be deductible from the pension nr annuity receipts as prescribed in paragraph 4 of the Ninth Schedule. Capital allowance deduction for depreciable assets.