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.
The Expatriate Petition Group (“EPG”), who has an active membership of 15,000 South Africans abroad, recently conducted a survey to contextualise the proposed retirement fund changes from the perspective of South African expatriates, specifically in light of other recent legislative amendments.
The National Prosecuting Authority (NPA) is issuing summonses to taxpayers with outstanding tax returns. The Commissioner for SARS, Edward Kieswetter, has promised that they will make life difficult for non-compliant taxpayers, a promise he has kept. Those who decided to ignore his words of caution may soon be summoned to appear in court on criminal […]