Momentous Wealth Taxation Event Lifts Veil On Offshore Structures
A momentous event, held on 22 August 2022, drew a massive audience, comprising many well-known high net worth VIPs, senior SARS officials and officials from other African Revenue Authorities, tax heads in various capacities, top wealth managers, academics and other notable attendees.
Expats Tax Residency Reset: Is SARS Constantly Shifting Goalposts?
The South African Revenue Service’s (“SARS”) focus on South Africans abroad was first revealed in the 2017 Budget Speech. Their reasons were only revealed in the pursuant Parliamentary debate, where in the Q&A session it was shared that National Treasury and SARS had been keeping a close eye on expatriate tax compliance.
SARS Pours Cold Water On Offshore Tax Gimmicks
The past week was a good week for SARS, and not a good one for promotors of certain offshore financial products. SARS issued a very clear Ruling that they will strictly apply the law and sends a clear statement that taxpayers should not fall for fanciful tax benefits promised by certain promotors.
Crypto Tax Support Launches In South Africa With UK Partnership
UK based software company Recap has launched its services in South Africa with a strategic partnership with specialist advisors Crypto Tax Consulting (A company under the Tax Consulting SA umbrella), bringing together Recap’s industry leading crypto tax software and Crypto Tax Consulting’s extensive experience providing assistance to South African taxpayers.
SARS’ High Wealth Individual Unit – Carrot, or Stick?
The last few years have seen an increased compliance drive by the South African Revenue Service (“SARS”), fully backed by the Presidency and the National Prosecuting Authority, and more specifically, clamping down on higher net worth individuals worldwide.