Long-term prospects make changes to taxation laws short-sighted
Emigrating citizens will be more unlikely to return and investors will shun pension funds
13 April 2021 - 15:50
The Taxation Laws Amendment Act passed last year has changed the definitions of various retirement investment vehicles, and the terms under which investors in a retirement vehicle may withdraw funds should they decide to emigrate.
Previously, section 1 of the Income Tax Act of 1962 allowed emigrants to withdraw a single lump sum from their pension preservation, provident preservation or retirement annuity fund on their departure from the country, which many used as capital to start up their new lives abroad...
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