1.2M retirement applications in SA, 200k rejected for false income claims; R21.4B disbursed, anticipating R5B revenue.
South Africa's Revenue Service (SARS) received 1.2 million applications under the two-pot retirement system, rejecting over 200,000 for false income claims. So far, R21.4 billion (about $1.2 billion) has been disbursed, with expectations of R5 billion in tax revenue. SARS emphasizes the need for accurate income reporting to avoid penalties. The pension reform aims to enhance retirement savings and boost economic growth in late 2024.
October 11, 2024
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