SARS: Over R35bn withdrawn during two-pot system
The South African Revenue
Service has revealed that over R35 billion has been withdrawn from pension
funds since the implementation of the two-pot retirement system.
The system, which allows South Africans to access a portion of their money before retirement, came into effect in September.
In a statement, SARS says it's received an unprecedented and steady increase in applications.
It says this likely reflects the economic challenges faced by households.
As of Monday, the taxman had received two million tax directives, of which close to 89% were issued.
READ: Two-pot system set to boost Black Friday spending
It says 70% of the applications that were declined were for reasons including the use of incorrect tax and ID numbers.
Seventeen per cent of applicants were rejected because of insufficient funds.
Around 12% per cent of applicants cancelled because they simply changed their minds.\
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