There have been R4.1 billion worth of two-pot withdrawal applications since the beginning of the month.
The South African Revenue Service (SARS) says it's received 161,607 tax directives from these.
The figure includes those that have been cancelled.
SARS commissioner Edward Kieswetter says their turn-around time to complete applications is at most 24 hours.
The new two-pot retirement system allows South Africans to access a portion of their pension funds before retirement.
It came into effect at the beginning of September.
"Taxpayers who owe SARS money must realise that this tax debt will be added to the tax on withdrawal from the savings benefit.
"But if there are payment arrangements in place to settle the debt with SARS, this debt will be deducted as per agreement between SARS and the Taxpayer. A tax debt that has been deferred will also not be deducted," Kieswetter said.
If you are still not sure how the two-pot system works listen to the podcast on Algoa FM Breakfast.
