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.