Question:
Could you kindly let me know what is the tax percentage when claiming my provident and pension fund in full upon resigning. Kind regards
Answer:
The first R25 000 is paid out tax-free, the balance to R660 000 is taxed at 18%, the balance to R990 000 at 27% and the remainder at 36%. The tables are the applied to the aggregate of all your retirement fund withdrawals (current and previous).