It is clear from Finance Minister Enoch Godongwana’s 2022 Budget Speech is that SARS will strongly enforce the law against wealthy taxpayers. In order to detect non-compliance or fraud, especially with the existence of unexplained wealth, it is proposed that all provisional taxpayers with assets above R50 million be required to declare specified assets and liabilities […]
The question of “Selective Prosecution” has been asked since 2007 when the South African Revenue Service (“SARS”) started using Lifestyle Audits on private individuals. The selection basis, was the means of the individual, in contrast to their standard of living, and was conducted on individuals where there was a suspicion of criminal activity.
From the taxpayer’s perspective, the 2022 Budget Review may have been received relatively well. Tax rates were not increased, the tax brackets and rebates for personal income tax were adjusted for inflation, fuel and RAF levies both remain unchanged for the first time in more than 30 years and the corporate tax rate is set […]
In a recent Tax Court Judgment handed down on 25 February 2022, the Court found in favour of an unnamed taxpayer, admonishing SARS for their persistent disregard for the time limits prescribed in the rules promulgated under Section 103 of the Tax Administration Act, 28 of 2011 (“the Rules”). The Court further confirmed that SARS’ […]
The Budget Review 2022 was far from a “good news” budget for South Africans working abroad (“expats”). For the 5th consecutive year, there has been changes proposed that clearly indicate that SARS is still targeting expats and view them as low-hanging fruit to boost revenue collection.
The Budget 2022 announced a new tax disclosure for wealthy taxpayers. This is part of SARS’ High Wealth Individual strategy and where a dedicated unit is now operating within SARS to focus on these taxpayers.
The Minister of Finance, Enoch Godongwana, delivered his maiden Budget Speech this afternoon. Discussed below are 10 key highlights from the 2022 Budget Review.
Tax Non-Residents can acquire and sell South African immovable property in South Africa as there are currently no restrictions prohibiting them from doing so. The only restriction is that illegal aliens may not own immovable property in South Africa.
The start of a new calendar year is closely followed by the ending of a tax year and with this comes the anxiety and uncertainty of trying to determine whether your tax affairs are in order or how you can optimize your upcoming return. One of the tools in your armoury is the use of […]
South Africans working abroad seldom follow the correct procedures when it comes to matters pertaining to tax. Most of the concerns originate from the uncertainties surrounding the ceasing of their tax residency, with many not even sure what the term really means. With the South African Revenue Service (SARS) on high alert for non-compliant expats, […]