SARS Collection Drive – Lifeline For Non-Compliant Taxpayers?
With the Covid-19 pandemic now largely in the rearview, the South African Revenue Service (“SARS”) has been strategically ramping up its tax collection and compliance drives. In the wake of the 2023 budget speech, SARS announced unprecedented revenue collection figures, being a direct result of its increased focus on making non-compliance costly, and voluntary compliance […]
Who Why and How – Backdating Your Financial Emigration
South Africa is a tax resident system. Tax residents of South Africa are taxed on worldwide income and South African sourced income. With the full foreign income exemption being capped in March 2020, it is more important than ever for expats, with a permanent intent to reside abroad, to formally cease their residency.
You Still Need SARB Approval When Emigrating
The South African Reserve Bank (SARB) may no longer be a visible part of the process to cease residency in South Africa. However, when it comes to moving money out of the country during or after emigration, the Reserve Bank is still very much involved. This is especially true for amounts above R10 million.
The 2023 Budget Speech: A Bird’s Eye View
The 2023 Budget Speech was delivered by a light-hearted Finance Minister, Enoch Godongwana, with an overarching theme of “repair and maintenance”. A plan to reduce the fiscal deficit, whilst maintaining expenditure on social and infrastructure development was presented. This would be achieved without increasing taxes, as the fiscus was bolstered by strong increases in revenue […]
An Expat Misconception: Your Tax Residency Status
South Africans living abroad need to be mindful of the impact that this has on their tax obligations and ultimately, which country has a taxing right. Your tax obligation ultimately depends on your tax residency status.