Latest news with #RevenueLawsAmendmentBill
The South African
5 days ago
- Business
- The South African
NEW two-pot retirement system laws passed in South Africa
South Africa's National Assembly has officially passed the Revenue Laws Amendment Bill, clearing the way for important refinements to the two-pot retirement system introduced in September 2024. While the bill does not introduce major structural changes, it provides key clarifications and technical alignments to ensure the system operates efficiently for retirement fund members, administrators, and regulators alike. Funds now have the option to calculate the initial seed amount (available for early withdrawal) using either 31 August 2024 or the last day of the election month, in line with their rules and member communication. The bill clarifies how deductions under section 37D (such as divorce or maintenance orders) will proportionally reduce all three retirement components. Technical updates were made to the definition of a 'retirement annuity fund' to maintain legislative consistency across the system. The bill follows months of public consultation via Parliament's Standing Committee on Finance. National Treasury has confirmed that further changes are expected in upcoming legislative cycles – including the potential removal of the 'one-fund withdrawal' restriction, which currently limits access to funds from only one retirement product. With the National Assembly's approval, the bill will now proceed to the National Council of Provinces for further review. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
Zawya
6 days ago
- Business
- Zawya
South Africa: National Assembly Adopts the 2025 Revenue Laws Amendment Bill
The National Assembly (NA) today approved the Revenue Laws Amendment Bill, which marks a significant step in the country's retirement reform agenda. The Bill proposes changes to several tax laws. It is categorised as a Money Bill, processed under Section 77 of the Constitution and follows extensive consultations led by the Standing Committee on Finance. The Bill is part of necessary legislative reforms to support the implementation of the two-pot retirement system, which aims to give individuals limited early access to a portion of their retirement savings while preserving the remainder for retirement. The system was implemented in September 2024, and the amendments will provide much-needed clarity for retirement fund members and administrators. The Bill, among other things, clarifies terms like "retirement annuity fund" within the broader legislative context, although some terminology issues will need to be addressed in future updates. The National Treasury published the draft bill in December 2024. This was followed by extensive public participation in Parliament's Standing Committee on Finance, where public input was received from June 2025 onwards. With the National Assembly's approval, the Bill will now be sent to the National Council of Provinces for further consideration. The full committee report (dated July 18, 2025) can be accessed using this link: Distributed by APO Group on behalf of Republic of South Africa: The Parliament.
