South African resident working in SA for a foreign employer. The employee contributes to a foreign pension by deduction from her gross salary. Is this deductible under 11(k). What is your view / interpretation?
Important:
This answer is based on tax law for the year ending 28 February 2020.
Answer:
It is no longer section 11(k) that is relevant, but section 11F. The principle will however be the same.
Section 11F(1) refers to contributions made to “any pension fund, provident fund or retirement annuity fund”. These are all defined terms, in section 1(1) of the Act, and all of them must be approved by SARS.