March 20, 2021

Budget 2021: Individuals and savings

Finance Minister Tito Mboweni delivered his third annual budget address on 24 February 2021. Below we highlight some of the significant proposals, which will likely be contained in the Draft Taxation Laws Amendment Bill to be published for public comment in June or July 2021. Applying tax on withdrawals of retirement interest when an individual ceases to be a tax resident When an individual ceases to be a South African tax resident, retirement funds are not always subject to withdrawal tax in terms of the Act. At issue is the tax treatment of retirement interest when an individual ceases to be a South African tax resident but […]