SARS receives two-pot applications worth R4.1bn
Updated | By Nushera Soodyal
There have been R4.1 billion worth of two-pot withdrawal applications since the beginning of the month.
The South African Revenue Services says it's received 161,607 tax directives from these.
The figure includes those that have been cancelled.
READ: EXPLAINER: Economist unpacks imminent two-pot retirement system
SARS commissioner Edward Kieswetter says their turn-around time to complete applications is at most 24 hours.
"Applications for tax directives are submitted to SARS by the fund administrator via eFiling. The directive indicates to the fund how much tax should be withheld by the fund on behalf of SARS before payout.
“Taxpayers who owe SARS money must realise that this tax debt will be added to the tax on withdrawal from the savings benefit. But if there are payment arrangements in place to settle the debt with SARS, this debt will be deducted as per agreement between SARS and the taxpayer. A tax debt that has been deferred will also not be deducted."
ALSO READ: Financial services confirm high interest in two-pot system
The new two-pot retirement system allows South Africans to access a portion of their pension funds before retirement.
It came into effect at the beginning of September.
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