A draft response document to comments received from stakeholders and members of the public on this year’s proposed taxation laws and tax administration laws amendment Bills was published on 15 October 2015 by National Treasury and SARS.
This is in anticipation of resuming consultations on the annuitisation of provident funds in the context of retirement reform and related preservation issues.
Legalbrief Today reports:
Meanwhile, Finance Minister Nhlanhla Nene has called for an ‘urgent meeting’ on the issue with Nedlac’s labour constituency. The meeting will focus on two options for the way forward: implementing the annuitisation requirement on 1 March 2016, with ‘a possible increase in applicable thresholds’; or delaying implementation by one year and introducing measures to limit any adverse impact of the tax reform on provident fund members.
Please click here to download a copy of the draft response.
Personal Finance also covered this news in more detail.