Your South African retirement savings and their tax implications
The National Treasury and SARS have introduced many changes to the treatment of South African retirement vehicles which have often resulted in adverse tax implications and penalties for early withdrawals, or strict rules and regulations applied. The aim of this was to incentivise South Africans to be more forward thinking and to encourage the provisioning […]
January 23 deadline causing headaches for provisional taxpayers
The recent announcement that the deadline for provisional taxpayers has been brought forward to 23 January 2023 is causing confusion. “Some provisional taxpayers have mistaken this to mean that their second provisional tax submission is due sooner this year, but this is incorrect,” says Nicolas Botha, Tax Team Compliance & Processing Manager at Tax Consulting […]
SARS Hone In On Non-Compliant HNWIs
In 2022, the South African Revenue Service (“SARS”) demonstrated its increased focus on revenue collection and compliance, specifically pertaining to High-Net-Worth Individuals (“HNWIs”). Their purview extends to wealthy South Africans abroad who remain tax residents of South Africa as well as those in the process of financially emigrating whilst retaining assets and interests in South […]
SARS has a database of South Africans’ offshore holdings
South Africans who are moving money and assets offshore must keep in mind that the foreign financial institutions they are investing with are obligated to share the taxpayer’s investment information with the South African Revenue Service (“SARS”).
Die SAID het ‘n databasis van Suid-Afrikaners se buitelandse besit
Suid-Afrikaners wat geld en bates oorsee skuif, moet in gedagte hou dat die buitelandse finansiële instellings by wie hulle belê, verplig is om die belastingbetaler se beleggingsinligting met die Suid-Afrikaanse Inkomstediens (“SAID”) te deel.