Financial experts warn against early withdrawal of retirement funds

By Lee-Yandra Paulsen Following President Cyril Ramaphosa’s signing of the Pension Fund Amendment Bill into law, financial experts are urging citizens to avoid prematurely withdrawing their retirement funds. As economic pressures rise, the temptation to access these savings grows. Speaking to VOC Breakfast on Tuesday, Commsure Financial Solutions’ Retirement Specialist,[…]

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Pensioners express concern about high tax deduction

LOCAL Some former government employees who have received their pension funds have expressed concern about the large deductions made from their pension. They claim that their income tax has increased dramatically since October of this year. And this has a negative impact on them because the pension money is their[…]

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South Africans overburdened with tax

South African taxpayers are among the highly taxed in the world – and it could get worse. Economists say we will most likely see an increase in personal tax and the fuel levy, as government tries to ramp up tax collection. They say government is running out of options to[…]

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Coal country: South Africa introduces carbon tax

by Agence France-Presse (AFP). South African President Cyril Ramaphosa has signed into law a carbon tax to cut emissions in the continent’s worst polluter, the treasury said Monday, drawing cautious praise from environmentalists. South Africa’s reliance on coal The tax, a rare step for an emerging economy, will be levied[…]

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SARS encourages tax payers to use e-filling system

The South African Revenue Service is encouraging tax payers to make use of e-filing to submit their tax returns to reduce traffic at SARS branches. SARS acting commissioner Mark Kingon says they will be promoting e-filling and want people to make use of SARS digital platforms for the filling of[…]

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Sars clarifies its stance on bitcoin

Taxpayers have to declare cryptocurrency gains or losses as part of their taxable income. The South African Revenue Service (Sars) will continue to apply “normal income tax rules” to cryptocurrencies such as bitcoin and has urged taxpayers to declare cryptocurrency gains or losses as part of their taxable income. The growing[…]

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Tax hike announcement expected in Budget: Analyst

South Africans will be keenly watching Finance Minister Pravin Gordhan deliver the National Budget Speech for 2017 on Wednesday, which will provide clarity on the state of the country’s economy. Following the State of the Nation Address, South Africa has been abuzz with questions about what to expect after a[…]

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Working grads could be taxed to fund varsity education

Employed graduates could be forced to pay graduates’ tax to help fund free higher education. Universities are facing financial collapse as government funding is reduced, the economy continues to stagnate and they struggle to collect fees from students. In the wake of the #FeesMustFall protests, a graduate tax is one of[…]

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