The tax year in South Africa runs from 1 March to 28 February. The financial services sector is well developed with a wide selection of innovative products on offer to consumers backed by a sound regulatory and legal framework.
The Government is committed to provide incentives to individuals to save for the future and recently introduced tax-free savings vehicles as an additional method of savings to add to the long-standing options available via a well regulated retirement funds industry. The retirement industry is in the midst of facing substantial changes following an extended period of review by Government, although the full extent of the reform that was envisaged has not yet been embraced by all stakeholders.
With exchange controls having been relaxed significantly over the years, there are wide options available to South Africans, (whether residing locally or overseas), to construct well diversified global investment strategies suitably tailored to individual circumstances.
South Africa continues to offer appeal as a destination for individuals both pre and post retirement and in such instances careful planning is required to manage personal finances.
For further information, please contact us.
