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TWO-POT RETIREMENT: NCOP COMMITTEE CALLS FOR INPUT ON REVENUE LAWS AMENDMENT BILL
- 02 March 2024
- Parliament
- SA Legal Academy
In anticipation of a final round of parliamentary hearings on 15 March 2024, the NCOP Committee on Finance has called for written submissions on the Revenue Laws Amendment Bill. The deadline for input is 14 March 2024.
Tabled in August 2023, the Bill was revised in December that year to reflect a new implementation date for two-pot retirement system implementation. It was passed by the National Assembly on 20 February 2024.
The intention of the six-month postponement of the new legislation’s commencement (once passed and enacted) is to give the industry and the South African Revenue Services more time to make the necessary arrangements.
This is noting that the Pension Funds Amendment Bill tabled in Parliament in January 2024 provides for the tax treatment of contributions to and withdrawals from eligible retirement funds under the two-pot system. A first round of hearings on that particular Bill has been scheduled for 12 March 2024 – the National Assembly’s Standing Committee on Finance having already called for submissions (as SA Legal Academy reported at the time).
- Bill’s ‘B’ version
- Pension Funds Amendment Bill
Published by SA Legal Academy Policy Watch