The South African Revenue Service (SARS) has issued its latest update regarding the key figures for tax directives received concerning withdrawals from the Savings Withdrawal Benefit under the new ‘Two-Pot’ retirement system. Economic challenges faced by households Since its inception on 1 September 2024, SARS has observed a steady increase in tax directive applications, likely … Read more
The South African Revenue Service (SARS) has issued an update regarding the figures for tax directives received concerning withdrawals from the Savings Withdrawal Benefit under the two-pot system. Unprecedented and steady increase Since its inception on 1 September 2024, SARS has observed an unprecedented and steady increase in tax directive applications, likely reflecting the economic … Read more
The South African Revenue Service (SARS) has confirmed that it has received 1 213 646 applications for tax directives for withdrawals from the Savings Withdrawal Benefit of the two-pot system. For the latest finance news, bookmark The South African website’s dedicated section for free-to-read content Of that total number of applications, 1 148 729 tax directives were … Read more
The introduction of the South African two-pot retirement system on 1 September 2024 had financial experts worried. Primarily due to the ‘two-pot’ naming convention – one pot for saving and one pot for withdrawal – billions has flowed out of peoples’ retirement planning, because that’s what the pot is meant for. And fund managers believe … Read more
South Africa’s new ‘two-pot’ retirement system will come into effect this weekend on Sunday, 1 September 2024. Judging by questions received by The South African website, there are a number of confused South Africans out there. Read further to help shed some light on the changes ahead. Let’s start with a frightening stat: Less than … Read more
Those who intend to withdraw from the savings pot of the new ‘Two-Pot’ Retirement System from 1 September 2024 must be registered for tax, said the South African Revenue Service (SARS). “Those who are not registered must register before they apply to their relevant fund. Tax will be deducted from any amount withdrawn If a … Read more
South Africa’s new ‘two-pot’ retirement system, which comes into effect on 1 September 2024, is now less than three weeks away. And judging by questions received by The South African website, there are a number of confused South Africans out there. Read further to help shed some light on the changes ahead. Let’s start with … Read more
