Staggering retirement savings withdrawals
The South African Revenue Service (SARS) seeks to update the total figures for tax directives received concerning withdrawals from the Savings Withdrawal Benefit under the two-pot system. Since its inception, SARS has observed an unprecedented and steady increase in tax directive applications, likely reflecting the economic challenges faced by households. As of November 18, more …
The South African Revenue Service (SARS) seeks to update the total figures for tax directives received concerning withdrawals from the Savings Withdrawal Benefit under the two-pot system. Since its inception, SARS has observed an unprecedented and steady increase in tax directive applications, likely reflecting the economic challenges faced by households. As of November 18, more than two million directive applications were received and a total of 1.9m directives were issued with a gross value of nearly R50b.
In line with SARS’ intent for taxpayers to use digital channels, SARS is pleased to announce that the simulated WhatsApp calculator has been used more than 50 000 times since the implementation of the process. The simulated calculator on the SARS website, which forms part of the SARS Online Query System, has been used more than 850 000 times.
SARS has also received nearly 103 000 queries through the voice channel, and more than 17 000 at branches.
SARS remains committed to the principles and values embodied in their strategic objectives to provide taxpayers with clarity and certainty on their tax matters, and to make it easy and seamless for them to comply. In this regard, taxpayers are encouraged to continue to use digital channels, which are simple, easy, and userfriendly.
Using these channels means taxpayers do not have to leave their homes or places of employment to stand in undignified queues.
The work that SARS has accomplished so far is largely because of good cooperation with retirement fund management entities. SARS wishes to thank these institutions who play a critical role in the tax ecosystem for their professionalism that has allowed SARS to play its part in efficiently and speedily issuing required tax directives.
Commissioner Edward Kieswetter cautioned taxpayers to avoid any actions that could constitute criminality and emphasised the importance of using the correct information when applying for this benefit.
SARS encourages voluntary compliance and, in this regard, offers a range of communication options on the SARS website to achieve this objective.
For more information, contact SARS at SARSMedia@sars.gov.za.
