President Cyril Ramaphosa has assented to the Taxation Laws Amendment Act meaning the government’s promise to scrap the exit tax on retirement interests has been confirmed. However, it is looking increasingly likely that government will consider new measures for South Africans leaving the tax net in 2022, says Jean du Toit, head of tax technical at specialist advisory firm Tax Consulting SA.
“It was announced with Medium-Term Budget Policy Statement that the proposal will be withdrawn following the extensive public participatory deliberations with members of the public in parliament, where the problems with the proposal were ventilated. The promulgation of the TLAA simply confirms the decision to pull back.”Expatriates and those with plans to emigrate must be aware, however, that this may not be the end of the matter, said du Toit.
“National Treasury and SARS indicated in their response document that they will not let this go and further amendments will be considered in the 2022 legislative cycle. What these new proposals will involve is anyone’s guess, because this problem can only be overcome by renegotiating our existing treaties.”
For the first time since the current tax brackets were established six years ago, the country will see a drop in the number of top earners in the 2021 fiscal year, the data shows.
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