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Retirement pot exit tax for emigrating South Africans?

Retirement pot exit tax for emigrating South Africans?
international-adviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from international-adviser.com Daily Mail and Mail on Sunday newspapers.

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Corporate taxpayers and their assessed losses not out of the woods just yet, says BDO

Corporate taxpayers and their assessed losses not out of the woods just yet, says BDO
Finance minister Tito Mboweni proposed that the corporate income tax rate be lowered to 27% for corporate taxpayers with years of assessment starting on or after April 1 2022
By Nato Oosthuizen and Jacqueline Delport - 25 February 2021
BDO South Africa
Finance minister Tito Mboweni delivers his 2021 budget speech in parliament in Cape Town on February 24 2021.
Image: Esa Alexander/Sunday Times
In the 2020 budget speech, finance minister Tito Mboweni proposed that there would be a restriction on the carry forward of assessed losses to be set off against taxable income with impact on years of assessment starting on or after January 1 2021. ....

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An ever-widening tax net – No reprieve for emigrating South Africans

An ever-widening tax net â No reprieve for emigrating South Africans
By Opinion
By: Jonty Leon
In 2017, the battle against governmentâs proposal to amend well established legislation, which provided South African residents living and working abroad an exemption from taxation on their foreign employment income reached a conclusion.
Tax Consulting SA and Barry Pretorius of the South African Expatriate Petition Group spearheaded the fight against the proposed amendment, which at the time would have completely removed the exemption altogether.
Taking expatriatesâ plight all the way to the steps of Parliament, the outcome was that government would amend the legislation to allow for an exemption of R1 million â now R1.25mil, from 1 March 2020. ....

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OPINION | Want to withdraw retirement funds on emigration?

by Joon Chong & Wesley Grimm
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(iStock)
South Africans who are emigrating for exchange control purposes can currently make pre-retirement lump sum withdrawals from their retirement funds.
A proposal in the Draft Tax Bill says lump sum benefits from retirement funds should only be allowed when a member of a retirement fund is no longer an SA resident and has remained non-tax resident for three years.
The three-year rule will impact all who are members of retirement funds and require immediate access to their retirement funds upon emigration.
The National Treasury has published the Draft Taxation Laws Amendment Bill, 2020 (Draft Tax Bill) for public comment. One of the more contentious proposals in the Draft Tax Bill relates to the ability of people emigrating from South Africa to access amounts in their pension preservation fund, provident preservation fund and retirement annuity fund (re ....

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Questions raised over proposed tax change for South Africa

Questions raised over proposed tax change for South Africa
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National Treasury is proposing an alteration to the Income Tax Act that will remove the ability of thousands of low income South African families to receive tax exempt bursaries for their children.
The families currently benefiting from this are majority black, low-income households and this alteration, should it go ahead, will severely impact thousands of families’ ability to pay for quality education, especially significant in a post-Covid-19 economy.
Tax expert Vedika Andhee, said: “Covid-19 has devastated our economy. Dual income households have become ‘single’ income’ or ‘no income’ households. Fortunately, as is the culture in South Africa, irrespective of how difficult their own circumstances, where employed family members can assist, they readily step up. ....

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