NEWS | VERDICT ON RETIREMENT FUND WITHDRAWAL COMING SOON
The time for South Africans who consider emigrating to learn their fate around their pensions is drawing closer.
The time for South Africans who consider emigrating to learn their fate around their pensions is drawing closer.
A number of tax and financial groups have issued warnings over a new draft bill which will introduce changes for South Africans looking to take their retirement funds out of the country.
“Expats who follow shady advice to deregister as taxpayers with SARS will suffer in the long run,” says Jonty Leon, Legal Manager (Expatriate Tax) at Tax Consulting SA.
The draft Taxation Laws Amendment Bill (“TLAB”) was published on 31 July 2020. As announced in the Budget Speech, any South African leaving in future will be subject to a much stricter process from 1 March 2021 onwards. But there was also a surprise 3-year lockup announcement for anyone with a South African pension fund, […]
SARS’ announcement that it has started auto-assessing certain taxpayers may lead some people to believe they no longer need to worry about their tax submissions.
The draft Taxation Laws Amendment Bill (“TLAB”) was published on 31 July 2020 and with it comes an overhaul of the regime for taking your retirement funds abroad.
The new Draft Tax Administration Laws Amendment Bill (“TALAB”), released on 31 July 2020, proposes a law change that will effectively lower the threshold for SARS and the National Prosecuting Authority (NPA) to criminally prosecute taxpayers.
Government Moving to Hold onto South African’s Retirement Funds On 31 July 2020, the Draft Tax Law Amendment Bill (“TLAB”) contained a hidden announcement, which may prove to be the final straw for many ex-South Africans who still have retirement investments left in South Africa. The TLAB seeks to legislate to prevent a South African […]
Currently, individuals are able to withdraw their retirement annuity when they turn 55 or when they financially emigrate and their emigration has been approved by the South African Revenue Service (“SARS”) and by the South African Reserve Bank (“SARB”).
Due to the COVID-19 pandemic and the restrictions implemented, the South African Revenue Service (“SARS”) has pushed back the 2020 tax season by two months. The 2020 tax season will now open on the 1st of September 2020, and closes on the 16th of November 2020, for online submissions, and 22 October 2020, for branch […]