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National Treasury gazetted new annuity tax measures

VAAL TRIANGLE - Vaal Triangle residents who receive funds from a living annuity will be able to adjust their income from it according to their needs during this time. National Treasury has gazetted the Notices on Expanding Access to Living Annuity Funds, which give effect to the legislative framework required to implement the tax measures to combat the COVID-19 pandemic. This follows the announcement by the Minister of Finance on further tax measures to combat the COVID-19 pandemic. It will see individuals who receive funds from a living annuity, being temporarily allowed to immediately either increase (up to a maximum of 20% from 17.5%) or decrease (down to a minimum of 0.5% from 2.5%) the proportion they receive as annuity income. National Treasury said this will assist individuals who either need cash flow immediately or who do not want to be forced to sell after their investments have underperformed.

PHOTO: (Supplied)


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