The last few years have seen an increased compliance drive by the South African Revenue Service (“SARS”), fully backed by the Presidency and the National Prosecuting Authority, and more specifically, clamping down on higher net worth individuals worldwide.
With the introduction of a formal SARS Non-Resident Tax Status Confirmation Letter in 2021, South African expatriates may finally relax knowing that their foreign income is safe from local taxation. However, getting one of these is neither automatic nor easy, requiring applicants to follow stringent residency cessation and verification processes to qualify as non-residents for […]
What do you do when SARS sends you a letter of demand for payment or, even worse, takes money directly from your bank account?
With discussions on imposing a wealth tax being rife in preceding years, policy makers are turning to the South African Revenue Service (“SARS”) to look into the feasibility of this new proposed tax, to bridge the “widest wealth gap in the world”.
Of late, digital news platforms have been awash with volumes of contradicting information regarding the Emigration Tax Compliance Status (TCS) PIN and SARS Non-Resident Tax Status Confirmation Letter. For the benefit of the taxpayers, more especially expatriates, we see it necessary to clarify the different uses and benefits of these two very important documents in […]
Xpatweb hosted a South African first full-day Global Mobility conference on 30 June 2022, the purpose of the conference was to discuss the current landscape of immigration and mobility in South Africa and the wider African market.
South African expatriates living in Guernsey, Jersey or the Isle of Man are under grave threat from the South African Revenue Service (SARS).
Expatriates, beware! If you ceased your tax residency through the Financial Emigration process, you may require substantial reasoning for your return to avoid any repercussions from the South African Revenue Service (SARS).
An ITR-12 checkbox, indicating a taxpayer ceased tax residency in South Africa, is greyed out this tax season. This has confused many eFiling users wishing to leave the country permanently.
A long period of silence on cryptocurrency regulation in South Africa has finally been broken. South African Reserve Bank (“SARB”) deputy governor, Kuben Naidoo, has now confirmed that new regulations are set to be implemented within the next 12 – 18 months.