Exchange Control and Tax Residency in South Africa
The South African Reserve Bank (SARB), in collaboration with various financial institutions, maintains a comprehensive record of the residency status of all South African banking customers.
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Navigating Tax Residency: A Guide for South African Expats
For South Africans who have ceased their tax residency, unlocking one’s retirement savings becomes a nuanced journey filled with complexity and uncertainty.
Big Medical Tax Blow on the Cards for Cash Strapped South Africans
In the wake of the recent National Health Insurance (NHI) presentation on October 31st, a significant proposal has been put forward: the elimination of existing medical aid credits for employees enrolled in registered medical aid plans.
Will Advance Pricing Agreements Advance the South African Economy?
National Treasury has provided their responses to the public comments on the annual draft tax law amendment bill! Although still a work in progress, there are some pertinent proposed changes. From a global business expansion perspective, one such proposal is the inclusion of the use of “Advanced Pricing Agreements” (“APAs”) in South African domestic law, […]
Further Changes to the Approval for International Transfer Process
On 24 April 2023, the South African Revenue Service (SARS) released new enhancements to the Tax Compliance Status (TCS) process, with immediate effect. The changes made by SARS mainly concerned the approvals required by individuals when transferring funds out of South Africa. Now, SARS has made further changes – but what are these changes, and […]
SARS sets a new professional standard: A sophisticated apology sent to taxpayers
Many South African taxpayer’s received a general warning on 24 October 2023, that SARS will not only penalise their non-compliance status, but “will initiate the criminal process” against a taxpayer.
Demystifying Company Deregistration – SARS and CIPC Synergistic Systems
Many South Africans have, in the course of their lives, either registered a company to give wings to a brilliant (or not so brilliant) idea or been appointed as the Tax Representative of a going concern. Whether you fall into these 2 categories, or simply have a dormant company to your name, your tax return […]
Do my retirement funds come with me when I leave South Africa?
For those looking to move from South Africa, a burning question often remains: what happens to their hard-earned retirement funds? How, and when, will they be able to withdraw their retirement interests in South Africa; and of course, where will these be taxed?
Don’t Let Your SARS Tax Debt be the Reason for an Empty Stocking this Festive Season!
2023 has gone by in a blur, and Christmas is just around the corner; business has started winding down for the year, but NOT SARS’ collection drive!
SARS Under Pressure To Collect What They Can
As a South African tax resident, one of the scariest situations you can find yourself in is where you have a large tax debt owed to SAR, which you cannot afford. You would hope and pray that the revenue authority shows you mercy, and imagine they offer to write-off a portion of your tax debt; […]