Proposed Changes to the Tax Laws
The Taxation Laws Amendment Bill was recently published. The Bill addresses the following two important aspects relating to deductions on contributions and the exemptions on retirement benefits for persons working abroad.
Withdrawals from retirement annuity funds due to emigration
The Income Tax Act was changed to allow individuals to withdraw their full value in cash, before attaining the retirement age of age 55, from a retirement annuity fund when they emigrate or when they leave South Africa due to an expired work visa.
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