The tax proposal that could drive skilled professionals and retirees away.
The VAT hike wasn’t the only controversial tax proposal in the 2025 Budget 2.0. The National Treasury has announced its intention to tax withdrawals from foreign retirement funds. A policy change that threatens to drive away much-needed skills, capital, and investment.
The South African government should be rolling out the red carpet for returning expatriates and foreign retirees, not increasing their tax burden. These individuals buy homes, provide crucial skills, launch businesses, and create jobs. Those affected should consult with experienced tax practitioners who specialise in cross-border tax matters before the changes take effect. There is still time while the National Treasury intends to expedite this change within the current legislative cycle, the lack of support from GNU partners could delay the process.South Africa’s tax policies must be designed to attract talent, capital, and investment—not drive them away.
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