Along with the rest of the world, South Africans have shown an appetite for cryptocurrencies. While the size of the market remains unclear, Coinmarketcap gives a figure of $210 billion for the global market, and approximately R6.5 billion for the South African market.
In a COVID-stricken economy, employee motivation and productivity are being hampered by salary cuts and reduced working hours.
SARS’ “High Wealth Individual Taxpayers Unit” (the Unit) is up and running and as promised, SARS has sent out the first batch of welcome letters to those who meet the criteria to form part of this elite club.
Thousands of South Africans working on farms in the United States may qualify for financial relief support that will provide welcome relief after farm work seasons were cut short during the Covid-19 pandemic.
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.