Dates: Sep 18, 2017 - Oct 16, 2017
With a notoriously low savings rate in South Africa, the government attempted to remedy this by introducing tax free investments from March, 2015.
The National Treasury published its final amendments to these regulations in March, 2017 and tax free savings accounts (TFSA) can now amount to R33 000 annually, instead of only R30 000.
TFSA’s offer a tax-free account with a lifetime maximum of up to R500 000, where users are not taxed on their interest or dividends earned.