With the ongoing global skills shortage and South Africans being highly sort after, many individuals are choosing to Financially Emigrate with the aim of starting a life abroad. However, this decision should not be taken lightly and requires a well thought-out road map and exit strategy.
Finance professionals and clients alike, have for years assumed the media releases focused on eradicating non-compliance in South Africa, have been nothing more than fear mongering by the South African Revenue Service (“SARS”), bolstered by media hype.
The National Treasury and SARS have introduced many changes to the treatment of South African retirement vehicles which have often resulted in adverse tax implications and penalties for early withdrawals, or strict rules and regulations applied. The aim of this was to incentivise South Africans to be more forward thinking and to encourage the provisioning […]
The recent announcement that the deadline for provisional taxpayers has been brought forward to 23 January 2023 is causing confusion. “Some provisional taxpayers have mistaken this to mean that their second provisional tax submission is due sooner this year, but this is incorrect,” says Nicolas Botha, Tax Team Compliance & Processing Manager at Tax Consulting […]
In 2022, the South African Revenue Service (“SARS”) demonstrated its increased focus on revenue collection and compliance, specifically pertaining to High-Net-Worth Individuals (“HNWIs”). Their purview extends to wealthy South Africans abroad who remain tax residents of South Africa as well as those in the process of financially emigrating whilst retaining assets and interests in South […]
South Africans who are moving money and assets offshore must keep in mind that the foreign financial institutions they are investing with are obligated to share the taxpayer’s investment information with the South African Revenue Service (“SARS”).
Suid-Afrikaners wat geld en bates oorsee skuif, moet in gedagte hou dat die buitelandse finansiële instellings by wie hulle belê, verplig is om die belastingbetaler se beleggingsinligting met die Suid-Afrikaanse Inkomstediens (“SAID”) te deel.
A recent survey conducted by the Professional Partner Network (PPN), a division of Tax Consulting South Africa, revealed an alarming trend in the tax profession.
In a media statement dated 30 November 2022, the South African Revenue Service (“SARS”) stated that they are encouraging all taxpayers who may be in default on their tax affairs to approach SARS via the Voluntary Disclosure Programme (“VDP”). By coming forward willingly, said taxpayers will receive the help and advice from SARS to expedite […]
The number of South Africans earning income abroad has continuously been on the rise. The majority percentage of the South African Revenue Service’s (SARS) tax collections have also consistently been from personal income. These two factors combined, in the context of our residency-based tax system, has massively piqued the interest of our revenue service in […]