Top Tips For Understanding Offshore Transfers
What Are The New Rules? Since the announcement by Treasury effective 1 March 2021 to the process of Financial Emigration and ceasing ones tax residency, the transfer of funds offshore for expatriates (emigrants as known under exchange control), has in some regards become more flexible, in terms of allowing you more than one authorised dealer, […]
What CBDCs And Crypto Regulations Mean For Crypto Tax
Government is regulating cryptocurrency this year and testing an official government cryptocurrency. What does this mean for crypto tax? The South African Reserve Bank (SARB) is encouraging more engagement with the fintech industry in South Africa to enable the introduction of distributed ledger technology (DLT) into financial markets.
Binding Class Ruling: BCR 59 | Calculation Of VAT For Table Games Of Chance
Issue This ruling provides direction relating to the way casinos must account for VAT in respect of table games of chance.
2 Sides Of The SARS Coin
Like that found in Yin and Yang, all things must be balanced in life, which rings true even for a competent revenue authority, as the South African Revenue Service (“SARS”) has demonstrated over the last fiscal period, with Commissioner Kieswetter stating that “we strive to balance the trade-off between taxpayer service and risk management”.
South African Reserve Bank Leaves Authorised Dealers High and Dry
Effective 1 March 2021, the South African Reserve Bank (SARB) removed themselves from the process of Financial Emigration. The move was gladly welcomed by Authorised Dealers (banks), as this took away the burdensome process banks had to follow guided by Exchange Control Rulings.