The 2021 Tax Indaba commenced on 20 September 2021 and the first day of the conference saw an enthralling panel discussion chaired by Jerry Botha, Managing Partner of Tax Consulting South Africa on lifestyle audits.
Citizenship planning has become an important element of every financial plan. Today investors are incorporating the benefits of citizenship planning in their estate planning, retirement planning, legacy planning and tax planning.
Wealth planning is common in these times, as many wealthy, and often high-net-worth individuals, must ensure the protection of their hard-earned money and assets. What should be just as common, is estate planning, so your legacy remains long after you have left this world.
Because of digital advances, in part fuelled by worldwide lockdowns and social distancing, there are many professions that no longer require staff to be permanently office-bound.
South Africans living abroad should be aware of the seriousness with which SARS is dealing with non-compliance. Provided that you are working abroad and have not ceased your tax residency, while not filing tax returns or declaring your foreign income, you are most likely non-compliant.
Recently the Mauritius Revenue Authority (“MRA”) announced by way of a Statement of Practice (“SOP”) that foreign trusts held in Mauritius will no longer be exempt from income taxes.
There are many reasons why South African tax residents undertake to cease tax residency through the financial emigration process. One of the reasons is that a successful financial emigration provides one with the rare opportunity to fully encash your policy funds.
After having been alluded to for months by SARS Commissioner Edward Kieswetter and being re-emphasized in his media statement of early August, following the recent lootings, SARS will still chase after those taxpayers who are non-compliant.
SARS is mandated through legislation to conduct a criminal investigation if it suspects tax fraud. Once it has been finalised, they register a formal complaint with the South African Police Services.
On numerous occasions, the South African Revenue Service (SARS) has warned that they will be taking on South African taxpayers who have been non-compliant.