Cape Town — The South African Revenue Services (SARS) announced that a total of R21.4 billion has been paid out in the two-pot retirement system.
In a statement, SARS said that it has received 1 213 646 applications for withdrawals from the two-pot savings system. Of the total applicants, 1 148 729 were approved for their funds to be released, while the remainder were declined for incorrect identity and tax numbers.
SARS also announced that taxpayers made use of its digital channels through its WhatsApp calculator, the calculator on the website, and its voice channel, while there were also a number of people that made use of SARS branches.
“Taxpayers are encouraged to continue to use the digital channels, which are simple, easy and user-friendly. Using these channels means taxpayers do not have to leave their homes or places of employment to stand on undignified queues,” it said.
Media Release: More than 1 million taxpayers withdraw from their savings pot
SARS wishes to announce that to date it has received 1,213,646 applications for tax directives for withdrawals from the Savings Withdrawal Benefit of the two-pot system. https://t.co/dUOIDCAGHY
— SA Revenue Service (@sarstax) October 11, 2024
SARS thanked retirement fund management for their friendly and professional cooperation that allowed SARS to play its part effectively and efficiently in issuing the volume of tax directives. It also reminded taxpayers to verify their tax and ID numbers when applying for a withdrawal and to ensure they do not have any outstanding debts but withdrawals will not be affected if the person has a debt arrangement.
SARS Commissioner, Edward Kieswetter, was concerned about the 213 654 taxpayers that were identified to have incorrect details.
“If a taxpayer understates their income, they are intentionally involved in evading their tax obligation. A penalty will be imposed on taxpayers who have understated income. Finally, I wish to caution taxpayers to refrain from this conduct that borders on criminality as there are real consequences for this behaviour,” he said.
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Picture: X/@sarstax
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Compiled by Matthew Petersen
