The most direct impact of Tax Law changes will be adjustment to allow the later payment of tax on performance-based variable payments, such as certain types of bonuses, the increase to ETI, various retirement fund changes to address anomalies, and the normal expected adjustments impacting employees the coming year.
Executive and High Net Worth
There are two clear messages in the Budget Announcement on this clear target area for the coming years and we will unpack these. This may also be an additional incentive for executives to move internationally, as we have lost some high-profile executives recently to overseas opportunities. The new Home Affairs Critical Skills List emphasised the vast shortages in the market, and we will also briefly touch thereon.
Expatriate Tax Changes
There are three specific tax law changes on expatriates, i.e. South Africans abroad and this remains a very specific SARS focus area.
We will also deal with the most important prior-year tax changes and topical issues such as repayable executive remuneration, as has recently been announced in the media.