Analysis & Profiles 12.9.2016 10:36 am

State to close provident fund tax loophole

Provident fund members have best of both worlds – saving for retirement in a tax shelter then being able to take 100% of savings as a cash lump sum on retirement.

National Treasury says it continues to hold the view that taxpayers who receive an upfront deduction for contributions to provident funds should be required to annuitise two-thirds of the money at retirement.

State to close provident fund tax loophole
State to close provident fund tax loophole

State to close provident fund tax loophole

Provident fund members have best of both worlds – saving for retirement in a tax shelter then being able to take 100% of savings as a cash lump sum on retirement.

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