Tax Consulting SA breaks down a new development when it comes to SARS and retirement funds.
South Africans living abroad face various challenges when it comes to withdrawing their retirement policies from their home country.
According to the tax firm, prior to the three-year lock-in rule, the South African Reserve Bank had been heavily involved in collaboration with the South African Revenue Service – known as the ‘old regime’. The most essential item that the taxman requires is proof from an ex-pat that they have exited the country as well as relevant supporting documentation.
Confirmation of tax residency in a country outside of South Africa has become a vital requirement for withdrawing retirement policies. Subsequently, this makes it easier for the retirement holder to confirm that they have actually met the three-year lock-in period.
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