With Government’s draft response being released in the Parliamentary Debate on 13 October 2020, non-compliant taxpayers, be it intentionally or negligently, may soon be facing some serious jail-time.
In his statement of 07 October 2020, Commissioner of the South African Revenue Service (“SARS”), Edward Kieswetter announced a funding shortage in the amount of approximately R800 million, which shortage needs to recovered be in order for SARS to operate efficiently again.
National Treasury has responded to some of the key changes proposed in its Draft Tax Law Amendment Bill (TLAB) and Draft Tax Administration Laws Amendment Bill (Draft TALAB) – including questions around emigration and harsher punishments for taxpayers.
South African expatriates who were unable to leave South Africa on account of the lockdown will be relieved to learn that the requirements of the foreign employment exemption (Section10(1)(o)(ii)) will be relaxed.
South Africans who have emigrated or plan to permanently leave South Africa have until 28 February 2021, just over four months from now, to effect financial emigration. National Treasury has laid down the new law and made it clear – the consequence otherwise is your retirement money will be locked in for three years, you […]
The VBS Mutual Bank case gained massive momentum when state witness, Philip Truter, was sentenced on 7 October 2020 to an effective seven years in prison.
This year has been a journey into unchartered waters for us all, and a particularly tense time as far as South African expatriates are concerned. For many expats, more and more questions have been left unanswered as this filing season, and the current tax year begins to draw to a close.
The time for South Africans who consider emigrating to learn their fate around their pensions is drawing closer.
In 2017, the battle against government’s proposal to amend well established legislation, which provided South African residents living and working abroad an exemption from taxation on their foreign employment income reached a conclusion.
A number of tax and financial groups have issued warnings over a new draft bill which will introduce changes for South Africans looking to take their retirement funds out of the country.