The South African Revenue Service (SARS) has warned over 200,000 taxpayers about potential tax implications arising from withdrawals under the 'Two-Pot' retirement system. SARS urges taxpayers to utilize digital channels for applications and highlights the importance of accurate tax information and debt clearance before withdrawals.
The South African Revenue Service has issued a warning to taxpayers in its latest update related to the ‘Two-Pot’ retirement system.The South African Revenue Service has issued a warning to taxpayers in its latest update related to the 'Two-Pot' retirement system. Image: File
Using these channels means taxpayers do not have to leave their homes or places of employment to stand on undignified queues. Directive applications are accepted by SARS 24/7 and processed within an hour 365 days a year from 08:00 to 19:00. Taxpayers are reminded that tax will be imposed on a withdrawal at a marginal tax rate ranging between 18%-45% depending on their scales. SARS Commissioner Edward Kieswetter didn’t beat around the bush when he said that
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News TAXES SARS RETIREMENT SOUTH AFRICA DIGITAL CHANNELS
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