South Africans abroad give a sigh of relief at retirement tax being shelved
Du Toit said the reason for the proposed tax was that the SA Revenue Service could in certain cases miss out on tax from the retirement money of citizens who give up their status as South African tax residents through, among other reasons, financial emigration.
Photo: Supplied/ArchiveThis proposal, which was published for comment in July this year as part of the Taxation Laws Amendment Bill, said the retirement funds would be taxed as if the taxpayers had withdrawn the money and made it liquid the day before their status as tax residents ended, Jean du Toit, technical head of taxation at Tax Consulting SA, explained.Subscribe to News24 for just R75 per month to read all our investigative and in-depth journalism. You can cancel any time.
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