In the National Treasury’s latest published Draft Tax Bills, which incorporates the tax proposals made in the 2021 Budget, the amendment proposes a particularly worrying amendment which may upend taxpayers’ carefully planned retirement. The Draft Taxation Laws Amendment Bill (TLAB) proposes an additional “exit tax” to tax retirement fund interests of individuals when they cease South African tax residency. This proposed amendment, due to come into operation on 1 March 2022, would be a further blow to emigrating South Africans wanting to cease their tax residency, following on from the three-year lock-in rule imposed on retirement annuities earlier this year.
Emigration Tax? ANC Regime to Charge Emigrating South Africans an Additional “Exit Tax” on Retirement Funds!
Fitch Rating Agency Warns ANC Regime over Uncontrolled Spending and Unproductive Public Sector Salaries!
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In a study published last week, the Fitch credit rating agency has warned the ANC government, which is still reluctant to consider public sector salary demands for the next three-year term, over it’s inability to exercise control over spending, which could lead to further budget problems.
ANC Government’s National Health Insurance (NHI) Being Pushed Through for 2022
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The Council on Medical Schemes says the ANC government’s plan to start a National Health Insurance (NHI) is well underway, and the plan has already been advanced to implement phase 3 of the program next year.