SARS: Two-Pot system pay-outs exceed R21-billion
More than a million people have applied to withdraw funds since implementing the two-pot retirement system.
The system, which allows South Africans to access a portion of their pension funds before retirement, came into effect at the beginning of September.
SARS says it has received over 1,2 million tax directives for withdrawals from the Savings Withdrawal Benefit of the two-pot system.
In a statement, the taxman says around 1,1 million directives were approved for funds to be released.
The remainder were declined for a variety of reasons, including incorrect ID and tax numbers.
SARS says taxpayers need to make sure that they verify their tax and ID numbers and check that they do not have any outstanding debt with the taxman.
Around R21.4 billion has been paid out to date.
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