EMPLOYEE BENEFITS NEWS

POSTPONEMENT OF ANNUITISATION REQUIREMENT FOR PROVIDENT FUNDS TO 1 MARCH 2019

In the draft TAXATION LAWS AMENDMENT BILL, 2017, released on 19 July 2017, the explanatory memorandum has stated that the provisions relating to the annuitisation requirements for provident funds will be postponed for 1 year from 1 March 2018 to 1 March 2019. The postponement is due to ongoing discussions on the comprehensive paper on social security which are still underway in NEDLAC.

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