💨 Abstract

The South African government plans to tax withdrawals from foreign retirement funds, a policy change that could drive away skilled professionals and retirees, potentially harming the economy. Currently, foreign retirement income received by South African tax residents is exempt from taxation, but the government aims to close this "loophole." This change could negatively impact efforts to attract talent and investment, as other countries offer more favorable tax policies.

Courtesy: www.thesouthafrican.com

Summarized by Einstein Beta 🤖