Unforeseen Tax Debt Arising from Crypto Trading; How Did We Arrive Here?
Landing in a position of indebtedness to SARS can be quite a stressful journey on its own, but even more so when you’ve forgotten about your crypto assets.
Author Archive for: Tax Consulting South Africa
Entries by Tax Consulting South Africa
Offshore Wealth Event Unveils the Way Forward with SARS
The South African tax landscape is ever-evolving, however, the most change has occurred in the last decade from a SARS and regulatory compliance perspective. Whilst the catalyst of new SARS, CIPC and Master Office changes has been South African grey listing; the new in-depth disclosure requirements now required are having a material impact on tax […]
Expats, You’re Using a DTA Across the Border; What About Your Precious Funds?
As of 24 April 2023, the South African Revenue Service (SARS) changed the rules by which taxpayers have to play when it comes to applying for funds to be transferred internationally. If you have not heard by now, SARS’ introduction of a new dynamic application called Approval International Transfer (AIT) is enhanced and involves a […]
A crucial call to action for South African non-resident taxpayers
SA Non-Resident taxpayers need to be aware of their golden ticket to tax-free peace: The Notice of Non-Tax Residency Status Confirmation Letter.
July 2023 Draft Tax Law Amendments in South Africa – 7 Things You NEED to Know
On 31 July 2023, National Treasury released their annual draft tax law amendments, for public comment. Although still at the draft stage, there are some pertinent proposed changes for which the supporting systems have already been implemented i.e., the “Beneficial Ownership Registers”.
Tax Hurdles for Remote Workers and Digital Nomads
South Africa (SA) remains a hot spot for remote work. On the one hand, digital nomads and remote workers with foreign employers get to enjoy the South African lifestyle, good weather, and the luxury of earning Dollars and Pounds. On the other, foreign companies benefit from employing skilled South Africans, comparatively cheaper than their foreign […]
The New R50 Million Asset Disclosure: SARS’ Due Diligence or An Investigative Window?
The South African Revenue Service (SARS) has been hinting at introducing a wealthy individual “specific asset” disclosure for some time – and it is finally here!
Inter-Organisational Eradication of Non-Compliance – Proposed, or Promulgated?
When considering SARS’ well-known “Strategic Intents” one can easily see the implementation of the “Beneficial Ownership Register” by the Companies and Intellectual Property Commission (CIPC) as a precursor for SARS’ international crackdown on non-compliance.
Splitting the Difference: New Rules for Taxpayers Ceasing Tax Residency
On 31 July 2023, National Treasury published the new draft tax law amendment bills for public comment. The public can submit their comments on the proposed amendments until the close of business on 31 August 2023. Whilst a number of the proposed amendments will not impact the average taxpayer, expatriates – specifically those who cease […]
AIT Process Links Non-Compliant Companies to Individuals
Individuals and companies alike have seen increased scrutiny from the South African Revenue Service (SARS) since the greylisting of South Africa (SA) by the Financial Action Task Force (FATF). One key aspect of this has been the introduction of the new complex and document-heavy Approval for International Transfer (AIT) Tax Compliance Status (TCS) process for […]