GOVERNMENT FACES SEVERAL OBSTACLES IN IMPOSING EXIT TAX ON RETIREMENT INTERESTS

The Standing Committee on Finance held public parliamentary hearings on 31 August 2021 regarding the proposals contained in the Draft 2021 Tax Bills. One of the most hotly debated items on the agenda was the proposal to tax retirement interests where South Africans cease their tax residency. During the public hearings it became evident that National Treasury will have to conquer some forbidding stumbling blocks in pushing through this proposal.

Jean du Toit

Jean du Toit
Head of Tax Technical