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PODCAST | Taxman moving to hold onto South African’s retirement funds

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An interview with Jonty Leon, Legal Manager, Financial Emigration, and Dr Ivor Blumenthal, CEO, ArkKonsult, discussing the Draft Tax Law Amendment Bill (TLAB) which contains a hidden announcement, which may prove to be the final straw for many ex-South Africans who still have retirement investments left in South Africa.

Taxman moving to hold onto South African’s retirement funds

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The Draft Tax Law Amendment Bill (TLAB) contained a hidden announcement, which may prove to be the final straw for many ex-South Africans who still have retirement investments left in South Africa. The TLAB seeks to legislate to prevent a South African who has exited South Africa’s tax base, to withdraw their retirement funds from South Africa, until an unbroken period of 3 years has passed where that person can prove non-tax residency.

National Treasury takes a view on financial emigration

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South Africa has been bleeding skills in recent years. A top reason being the punitive 'expat tax' regime promulgated in December 2017, and effective 1 March 2020.

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