Revenue Laws Amendment Bill: NCOP Calls for Submissions

Posted 21 August 2025 Written by Acts Online
Category Tax

Brought to you by SA Legal Academy: The National Council of Provinces (NCOP) Select Committee on Finance has invited public comment on the Revenue Laws Amendment Bill, focusing on technical refinements to the two-pot retirement system.

In terms of the parliamentary legislative process, the NCOP Select Committee on Finance has called for written submissions on the Revenue Laws Amendment Bill by 5 September 2025. The Bill, which was passed by the National Assembly in July 2025, is the final piece of legislation associated with the 2025/26 Budget currently awaiting finalisation before being sent to the President for signature.

The primary objective of the Bill is to provide legislative clarity to retirement fund members and administrators regarding the timing of seeding amount calculations. These calculations are a prerequisite for the implementation of the ‘two-pot’ retirement savings system, which officially commenced on 1 September 2024. The Bill seeks to resolve technical ambiguities that arose during the initial draft phase in December 2024 and the subsequent tabling in March 2025.

Key Regulatory Focus Areas

  • Clarification of the specific dates and timing for seeding amount calculations to ensure uniformity across the industry.
  • Providing a robust legal framework for administrators to finalise the transition of funds between the ‘savings’ and ‘retirement’ components.
  • Ensuring alignment with the broader fiscal requirements set out in the 2025/26 Budget.

Stakeholders are encouraged to review the proposed amendments to ensure that the calculation methodologies prescribed in the Bill align with the operational realities of fund administration and the protection of member interests.

What this means for you, your business, or your clients

  • For yourself: You have until 5 September 2025 to submit technical representations to the NCOP to address any remaining practical or legal ambiguities in the seeding calculation methodology.
  • For your business: Compliance and systems officers must ensure that internal retirement fund administration software and accounting protocols are prepared to reconcile seeding amounts based on the clarified timing rules once the Bill is enacted.
  • For your clients: Tax practitioners and financial advisors should prepare to update clients on the final legal status of their initial two-pot seeding amounts to ensure accurate tax planning and withdrawal expectations.

Originally published at https://legalacademy.co.za/news/read/revenue-laws-amendment-bill-ncop-committee-calls-for-submissions

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