Dak2019
Level 3
03-04-2020
06:51 PM
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It is a Provident Fund that Emirates Airlines off to their employees. The Provident Scheme is a long-term savings arrangement provided to more senior positions and is designed to help plan for retirement. The company contributes 12% of basic salary. You are required to contribute 5% of your basic salary. End of Service (gratuity) payment is calculated as 21 days basic salary per annum for the first 5 years of service and then 30 days basic salary per annum for each year of service beyond 5 years of service.
So would you use the form F2555 and would the exclusion you describe is what would be used. Because its a saving is what is confusing me.