SARS’ Post-Pandemic Recovery – Effective Implementation, or Aggressive Collections?
The release of the 15th Annual Edition of Tax Statistics on 03 March 2023 (“2022 Tax Statistics”), published by National Treasury and the South African Revenue Service (“SARS”), reverberated a positive shockwave with the post-pandemic recovery in revenue collections being nothing short of impressive.
Deregistration – Is It The Answer To Breaking All Ties With SARS?
For expatriates who have decided that it is time that they break all ties with South Africa, the process of getting the South African Revenue Service (“SARS”) off your back can be a long, time-consuming affair that can result in many mistakes. With an increasing number of expatriates opting to financially emigrate, the deregistration process […]
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.