National Assembly Adopts the 2025 Revenue Laws Amendment Bill

Parliament, Tuesday, 22 July 2025 - The National Assembly (NA) today approved the Revenue Laws Amendment Bill, which marks a significant step in the country's retirement reform agenda.

The Bill proposes changes to several tax laws. It is categorised as a Money Bill, processed under Section 77 of the Constitution and follows extensive consultations led by the Standing Committee on Finance.

The Bill is part of necessary legislative reforms to support the implementation of the two-pot retirement system, which aims to give individuals limited early access to a portion of their retirement savings while preserving the remainder for retirement. The system was implemented in September 2024, and the amendments will provide much-needed clarity for retirement fund members and administrators. The Bill, among other things, clarifies terms like "retirement annuity fund" within the broader legislative context, although some terminology issues will need to be addressed in future updates.

The National Treasury published the draft bill in December 2024. This was followed by extensive public participation in Parliament's Standing Committee on Finance, where public input was received from June 2025 onwards.

With the National Assembly's approval, the Bill will now be sent to the National Council of Provinces for further consideration.

The full committee report (dated July 18, 2025) can be accessed using this link: https://tinyurl.com/3wp2uapb

ISSUED BY THE PARLIAMENT OF THE REPUBLIC OF SOUTH AFRICA

Enquiries: Moloto Mothapo