NEWS | BY THE NUMBERS: EXPAT TAX THROUGH THE LENS OF EXPERTISE
On the minds of many South African expatriates are the options which are available to them for tax relief in South Africa, given the many changes made to the tax laws in South Africa.
This author has not written his bio yet.
But we are proud to say that admin contributed 638 entries already.
On the minds of many South African expatriates are the options which are available to them for tax relief in South Africa, given the many changes made to the tax laws in South Africa.
If you’re 55 plus and have emigrated or are intending to emigrate, you’ll still have to submit annual returns to the South African Revenue Service (SARS) and pay tax on your worldwide income for the rest of your life.
SARS shines the torch on wealthy individuals One of the biggest highlights of this year’s budget speech revealed SARS’ latest ammunition.
Less is more, which could not ring truer than when it comes to withholding taxes. This is especially the case in respect of dividends, which are subject to a withholding tax of 20% in South Africa.
SARS’ recruitment drive has provided some insight into the state of affairs at the organisation. With applications now closed, SARS released the details around the roughly 88,000 applications it received, and the numbers paint an unsettling picture.
South Africa has experienced a large brain drain over the past few years with many skilled South Africans emigrating. However leaving South Africa doesn’t mean you can forget your relationship with SARS.
Introduction of Automatic Exchange of Information The South African Revenue Service (SARS) has discovered R400bn in offshore holdings owned by South Africans and is on the rampage to collect all taxes that it is owed on these assets.
As a South African millennial income earner, even if you’re moving abroad, you’ll still have to declare your worldwide income to SARS on an annual or provisional basis.
South Africans living abroad who have not yet financially emigrated and cashed in their retirement annuity savings are concerned about the volatile rand exchange rate.
South Africans emigrating to greener pastures may be prevented from leaving the country – or worse – if their application for tax clearance is denied by SARS.
Cookie | Duration | Description |
---|---|---|
cookielawinfo-checkbox-analytics | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics". |
cookielawinfo-checkbox-functional | 11 months | The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". |
cookielawinfo-checkbox-necessary | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary". |
cookielawinfo-checkbox-others | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. |
cookielawinfo-checkbox-performance | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance". |
viewed_cookie_policy | 11 months | The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data. |