This equates to almost half of the country's gross domestic product (GDP).
The National Treasury has now published a "long-awaited" discussion document on the taxation of these savings vehicles, stating that any changes to the CIS tax regime must align with efforts to encourage more savings.
However, the principles of a fair tax system will also be retained. South Africa's savings rate is 13.6% of GDP, according to 2023 World Bank development indicators.
The rate remains concerning, particularly when considering the efforts already put into encouraging savings through policy adjustments.
The Treasury committed itself in 2020 to review the income tax treatment of amounts received by these schemes' portfolios. The discussion document offers several proposals on how tax certainty can be achieved for CIS portfolios.
Income vs capital
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Sundowns ready to launch another bid for Adams
According to information gathered by Phakaaathi, Mamelodi Sundowns will bid again for Stellenbosch FC midfielder Jayden Adams (below) when the January transfer window opens.
Mayo finds his scoring boots with Algerian giants
Khanyisa Mayo (left) has finally found his scoring form at Algerian giants CR Belouizdad.
Campbell is showing his mettle at Belgian outfit
Shandre Campbell (right) scored another superb goal for Belgian side Club NXT as they beat France Borains 2-1 in Belgium's first division B on Sunday.
Bradman's cap set to fetch R4.7m
A cap worn by Australia's greatest batsman, Don Bradman, will be auctioned in Sydney today, with the tattered \"baggy green\" expected to fetch as much as $260 000 (about R4.7 million).
Blitzboks not up to scratch
After finishing sixth at the season-opening Dubai Sevens tournament last weekend, Philip Snyman and his charges will be desperate to hit back and challenge for the title at home in Cape Town this weekend.
Stormers man ruled out again
Hopes that Stormers utility back Sacha Feinberg-Mngomezulu (below) would anchor himself in the team were dashed following his concussion over the past weekend.
'BE YOURSELVES'
PROTEAS: MANAGEMENT STYLE IS PRODUCING RESULTS
All Max wanted was to be 'nice'
Max Verstappen (above) made clear his feelings about George Russell's actions leading to him being stripped of pole position when he spoke out after winning Sunday's chaotic Qatar Grand Prix.
Head pays rich tribute to Bumrah
Sydney - India's Jasprit Bumrah (right) will go down as \"one of the greatest fast bowlers to play the game\", Australia's Travis Head said yesterday, ahead of the day-night Test in Adelaide this week.
Lions hoping to sharpen claws
EPCR: DESPERATE TO REGAIN WINNING FORM IN WALES
