From Sept 1, 2024, SARS mandates tax registration for Two-Pot Retirement System withdrawals in South Africa.
From September 1, 2024, South African tax authority, SARS, requires individuals withdrawing from the Two-Pot Retirement System's savings pot to be registered for tax. Failure to register will result in rejected requests. Tax is deducted from withdrawals at individual rates, while post-retirement lump-sum benefits incur lower tax rates. Taxpayers can register via eFiling, SARS MobiApp, or SOQS, and any outstanding debt owed to SARS will be deducted before final payouts.
August 26, 2024
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