Tax

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.

Potential emigrants, beware

Currently, the Income Tax Act, 1962 (the Act) allows for the payment of a lump sum benefit to a member of pension, pension preservation, provident, provident preservation or retirement annuity funds (as defined in section 1 of the Act), when such member withdraws a lump sum as a consequence of his or her emigration from South Africa.

You only have one shot to dispute your SARS assessment

All Eyes on SARS following Medium Term Budget Policy Statement

In a surprising admission by National Treasury in its Medium Term Budget Policy Statement, it has been acknowledged that recent tax increases have failed to generate the revenue numbers initially projected, and all evidence illustrates that South Africa’s higher than global average tax rates have in fact hindered economic growth.