South Africans withdraw R43 billion from pensions

Since the launch of the two-pot retirement system in September, more than 2.4 million South Africans have withdrawn a total of R43 billion from their pension funds. The South African Revenue Service (SARS) confirmed this last Friday evening. According to SARS, 2,664,279 applications for tax directives were received, with 2,403,379 approved. The remaining applications were rejected due to issues such as incorrect identity numbers and tax numbers. SARS Commissioner Edward Kieswetter exprncern over 213,654 taxpayers who declared incorrect taxable income to secure a...