President Cyril Ramaphosa has given effect to last year’s tax proposals by signing three Tax Acts into law.
After this date, taxpayers will only be able to access their retirement benefits if they can prove they have been non-resident for tax purposes for an uninterrupted period of three years. The amendment is directed at structures where individuals subscribe for preference shares with no or a low rate of return in a company owned by a trust connected to the individual.
It is important to note that this will only apply if the employer’s policies expressly make provision for and allows such reimbursement.Due to the travel restrictions under the Covid-19 pandemic, the days requirement for the foreign employment exemption has been reduced from 183 days in aggregate to 117 days.
Historically, employees used this exemption as a mechanism to structure their remuneration package to reduce their tax liability.
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WHAT ABOUT LAWS TO STOP ANC FROM STEALING
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