Government Withdraws Proposal To Impose Exit Tax On Retirement Interests
Expatriates and those with plans to emigrate will be relieved to learn that the proposal to impose an exit tax on retirement interests will be withdrawn.
SARS And National Treasury Have Gone Quiet On Expats. What’s Brewing?
National Treasury’s latest published Draft Tax Bills incorporated the contentious additional “exit tax”, which proposed to tax retirement fund interests of individuals when they cease South African tax residency.
Zero Hour: Expat Tax Returns Due This Filing Season
The past two years have been a journey into unchartered waters for 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 tax filing period draws to a close on 23 November.
Emigration Expo: Are You Coming Back?
Tax Consulting SA and Xpatweb were exhibitors at the Durban leg of The Emigration Expo. While fielding questions, it was evident that many people are interested in working and living offshore, but they seem unsure where to start. All their questions and concerns can be compiled into three groups.
Mauritius Forges Ahead As Africa’s Wealthiest Country
When we think of Mauritius, the mind leans towards a tropical lifestyle that includes surf, sand and sundowners. However, over the last couple of decades, the island has successfully positioned itself as one of the most favourable economic hubs in Africa. News that their final obstacle has been removed, has investors and entrepreneurs suddenly looking […]
Are Your Offshore Investment Structures Compliant With SARS?
SARS Commissioner Edward Kieswetter introduced Natasha Singh as the first director of SARS’s new specialised segment targeting high net worth individuals. Singh’s appointment is considered as strategically essential in terms of ensuring compliance with affluent individuals who have complex financial arrangements.
Misdirected Regulation Creates Banking Woes For Crypto Traders
Since their inception, crypto assets have confounded investors and governments the world over. Their novelty, diversity and accessibility opened them up to scrutiny from fiscal authorities, while their volatility opened investors up to susceptibility.
SARS Taxpayer “Trader Clarity Survey” – Is Non-Submission By 02 November A Risk?
On 12 October 2021, the South African Revenue Services (SARS) launched a survey aimed at certain taxpayers and traders. The stated purpose of the survey is to measure whether SARS’ guidance on tax compliance is clear and certain in its interpretation.
The Crypto Tax Indaba: Data Analyses And Lifestyle Audits
During a recent panel discussion at the 2021 South African Institute of Taxation (SAIT) Tax Indaba, crypto assets, and the taxation thereof, once again came up as a sensitive topic amongst industry professionals.
Taxation Of Mauritius Trusts: The Elephant In The Room
The Mauritius Revenue Authority issued a Statement of Practice on 24 August 2021 (SOP24/21) on the taxation of Mauritius trusts. We found it peculiar that many Mauritius advisors decided to not advise their clients of this important development.