The SA Revenue Service (SARS) is currently sending out 3.1 million SMSes to taxpayers whose returns will be assessed automatically this year.
COVID-19 has far-reaching effects for the South African taxpayer and, unbeknown to many, may be silently increasing their tax liability for the 2021 year of assessment.
Currently, individuals are able to withdraw their retirement annuity when they turn 55 or when they financially emigrate and their emigration has been approved by the South African Revenue Service (“SARS”) and by the South African Reserve Bank (“SARB”).