NEWS | NATIONAL TREASURY TAKES A VIEW ON FINANCIAL EMIGRATION
South Africa Bleeding Skills Not surprisingly, there has been an outflow of South Africans in recent years for various reasons, a top reason being the punitive “expat tax” regime promulgated in December 2017, and effective 1 March 2020.
NEWS | BUDGET SPEECH 2020 – GOVERNMENT LAST DITCH ATTEMPT DUE TO EXODUS OF SOUTH AFRICANS
In December 2017, the change to the foreign employment income exemption was promulgated into law. This has widely become known as the “expat tax”. The exemption at that point was capped at R1mil, meaning that South African tax residents earning foreign employment income above this threshold would no longer be exempt from tax in South […]
NEWS | THE STATE NEEDS WEALTH TO ESTABLISH A SOVEREIGN WEALTH FUND
The notion of creating a sovereign wealth fund for South Africa is a contradiction in terms. Jean du Toit, senior admitted attorneys at Tax Consulting SA, says this would imply that we do have surplus funds.
NEWS | ROGUE TAX PRACTITIONER OR ACCOUNTANT AND KEEPING THEM HONEST
The filing of tax returns has evolved from manually submitting your returns to everything being done on the e-filing platform. Taxpayers are in some instances forced by SARS to use the e-filing process and this is Constitutionally allowed and administratively fair, as SARS is obligated under law to operate efficiently as possible.
NEWS | ONE GOOD TURN: DONATIONS MADE AT FUNDRAISING EVENTS
The upside of being generous for a taxpayer is usually a corresponding deduction for tax purposes, to the extent that the taxpayer can show a receipt for a donation made to a public benefit organisation (“PBO”) in terms of section 18A of the Income Tax Act.
NEWS | UNDERSTANDING SOUTH AFRICAN EXPAT TAX
Amendments to the Income Tax Act will soon see all South Africans working outside the country’s borders contribute to the fiscus from 1 March 2020.
NEWS | SARS REIMAGINED – TAX DODGERS TAKE NOTE
On 1 February 2020, SARS released an exciting media statement, indicating that the revenue authority has embarked on a journey to reinvent SARS. With the power of technology and with the right people, SARS hopes to build an organisation that will provide a world-class service to the compliant taxpayer, but one that will be equally […]
NEWS | SOUTH AFRICAN SEAFARERS AND YACHTIES: KNOW YOUR TAX OBLIGATIONS
As most know by now, SARS is grappling to increase revenue for their coffers, looking to South Africans who earn foreign income to subsidise the deficit. With all the uncertainty around the change in the foreign employment income exemption, which is coming into effect as of 1 March 2020, more and more people are wanting […]
PRINCIPAL OFFICERS MAY NO LONGER BE APPOINTED BY SERVICE PROVIDERS, SAYS FSCA
On 19 December 2019, the FSCA (Financial Sector Conduct Authority and the “Authority”) issued a communication informing the retirement funds industry and stakeholders about its new approach to addressing the inherent conflict of interest relating to principal officers (POs) appointed on boards of retirement funds (funds), while also being employed by service providers to these […]