You Still Need SARB Approval When Emigrating
The South African Reserve Bank (SARB) may no longer be a visible part of the process to cease residency in South Africa. However, when it comes to moving money out of the country during or after emigration, the Reserve Bank is still very much involved. This is especially true for amounts above R10 million.
The 2023 Budget Speech: A Bird’s Eye View
The 2023 Budget Speech was delivered by a light-hearted Finance Minister, Enoch Godongwana, with an overarching theme of “repair and maintenance”. A plan to reduce the fiscal deficit, whilst maintaining expenditure on social and infrastructure development was presented. This would be achieved without increasing taxes, as the fiscus was bolstered by strong increases in revenue […]
An Expat Misconception: Your Tax Residency Status
South Africans living abroad need to be mindful of the impact that this has on their tax obligations and ultimately, which country has a taxing right. Your tax obligation ultimately depends on your tax residency status.
The 2023 Budget: Short Term Gains Not Enough
On 22 February, the Minister of Finance, Enoch Godongwana, had the unenviable task of delivering the annual Budget Speech. Over the last year, and especially over the last few months, South Africa has taken one knock after another. Ears everywhere were on the ground, listening to what the plan is for South Africa Inc over […]
2023 Budget Speech – Tax Relief, or Reckoning?
With the 2023 Annual Budget Speech around the corner, Commissioner of the South African Revenue Service (“SARS”), Edward Kieswetter, has been quite vocal in stating there will be no increase in current tax rates, nor the imposition of any further taxes, including a “wealth tax” as alluded to in last year’s address.