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Treasury seeks further delay in provident fund tax change

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(iStock)
(iStock)

Cape Town – The proposed annuitisation of provident fund benefits, which was pushed out until March 2018, should be postponed by another year, National Treasury recommended to Parliament on Tuesday.

At a briefing on new tax proposals contained in the draft Taxation Laws Amendment Bill and Tax Administration Laws Amendment Bill, Treasury said the annuitisation requirement is still being discussed at the National Economic Development and Labour Council and it would therefore be prudent to implement it on 1 March 2019.

In 2015 National Treasury proposed that South Africans be compelled to put two-thirds of their provident fund savings in a retirement annuity.

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