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!
Solidarity Taking Lindiwe Sisulu to Court to Stop Racist & Illegal Importation of Cuban Engineers!
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The Solidarity trade union has announced that they are continuing with a court application to force the minister of Water Affairs, Lindiwe Sisulu, to cancel her planned import of 24 Cuban water engineers, into South Africa at a cost of R65 million, especially since it was revealed that Sisulu refused to appoint qualified white engineers who have applied for the posts, simply because they were white.