The South African Revenue Service (SARS) has said two-pot claims have risen to around R4 billion in just over a week.
With South Africans eager to withdraw from their retirement savings, SARS said it received 161 607 tax directive applications from retirement fund administrators between 1 September and 10 September, meaning that it had to process nearly 18 000 tax directive applications a day.
A tax directive allows SARS to instruct an employer, fund administrator or insurer how to deduct tax from lump sum payments to a taxpayer or member.
The gross amount of the lump sums for the applications came to R4.1 billion, SARS said. Of the tax directive applications, more than 98% had been for savings component withdrawals.
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