n Tax Breaks Newsletter - VAT on long-term insurance products




Extracted from text ... THE LEVYING of costs on retirement products has come under scrutiny in South Africa following a paper presented at the South African Actuarial Society's annual conference in 2004. According to KPMG's VAT Mail, research showed retirement-funding costs in South Africa to be extremely high, particularly on life assurance products. The Pension Funds Adjudicator also made several determinations during 2005 that questioned the costs, charges and commissions incurred by life companies in administering investment and retirement products. This has put the life assurance industry under pressure to offer low-cost products on which all costs and charges are set out in ..


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