Expat Tax 2020 remains a burning topic amongst SAFFAS abroad even after the implementation of the law change on 1 March 2020. Only someone with their head in the sand would not be cognisant that SARS must collect now more than ever due to the current flailing economy and a massive budget deficit. Unfortunately, South African expatriates are a key target in this plan.
The first ‘expat tax’ provisional payment is due in August 2020 and many South Africans abroad have reached out to us with the need for deeper and more practical insights regarding;
a) the expatriate law change;
b) how one may be affected by the change in legislation;
c) proactive steps that can be taken to remain complaint and reduce one’s tax liability in South Africa; and
d) how to be prepared for the first provisional tax payment due in August 2020.
We are pleased to announce that Tax Consulting South Africa’s Jonty Leon (Co-Author of LexisNexis Expatriate Tax textbook), who presented on Expatriate Tax 2020 in various locations such as Mauritius, the UK, the UAE, Qatar, Oman, Saudi Arabia and the Democratic Republic of Congo (DRC) over the past year, will again be presenting on the topic in the form of webinar.
- KEY AREAS OF THE PRESENTATION
- Tax Protection Strategy: Fundamentals of international tax vs. South African tax;
- Expat Tax Law History: The history and the primary motivations that were not widely reported for the expat tax law change;
- Parliamentary Submission: The submission to Parliament in 2017 on behalf of South Africa expatriates and why the R1m exemption was allowed;
- Financial Emigration: when is this viable and when not, criticism and opportunity;
- South Africa / Double Tax Agreement: when is this viable and when not, risks and opportunity;
- Planning Considerations: Strategy for where Financial Emigration and / or Double Tax Agreement relief is not possible;
- OTHER AREAS ADDRESSED
- Retirement in South Africa.
- Tax Risks Associated with ‘End of Service’ Gratuity.
- Tax Considerations for South African Investments.
- Typical SARS Audit Approaches.
- Inheritances from or to family in South Africa.
- Donations tax.
- Forex and exchange control planning for inward and outward remittances.
- Common Reporting Standards, criminal offences standards, optimal tax planning and caveat against various tax ‘schemes’ being punted.
- LexisNexis’ guide on Expatriate Tax.
- Exemptions that apply to Seafarers and Yacht Crew.
- When is Double Taxation Agreement relief possible/not possible?
- How will I be impacted if I decide to retire in South Africa?
- What taxes need to be paid on rental income you are earning from property in South Africa?
- Will Financial Emigration break my tax residence and what are the consequences of a “failed emigration”?
- Will a living allowance be considered as a fringe benefit?
- How will SARS ever find me?
Via Zoom on your PC/Mobile
Cost of the webinar is USD 30 per person. Please make sure you register and pay at least 48 hours before the webinar to secure your “seat” as limited spaces are available.
METHOD OF PAYMENT:
You will be directed to PayPal for payment once you have registered through the Zoom registration portal using the register links provided per country below.
If you do not have a PayPal account – do not worry! You can still make an EFT payment through the PayPal portal with your credit/debit card without a PayPal account. Just enter your email address and select “next”. A standard merchant portal will pop up for you to make a secure payment. Please contact Rebecca (email@example.com) if you are unsure how to do this
REGISTRATION PER COUNTRY:
My sincere thanks to all, especially Jonty, for a very well focussed, comprehensive and informative presentation.
I primarily attended to hear what the implications of the Ministers budget statement regarding the fading out of financial immigration may be since I recently completed this process and tend to advise others to do so too. I also well understand that it is actually too early to know what system may substitute the current option, but the information did help to reinforce my understanding of the options and processes.
The event itself was well organized and appeared to be well received too. Simple elements like having parking organised and starting on time prove important in a place like Dubai, this event did both. All the representatives were engaging. I didn’t stay afterwards but the fact it was an option is a good approach. The information given in the talks was straight forward and I’ll work through the presentation again. Perhaps the one element that could be added is a summary of the pros and cons (and cost implications) of FE, vs DTA vs just submitting a tax return each year. Overall it is both a good business opportunity for Expat Tax Services but also a valuable link to well-delivered, information for expats. I sure there will be continued interest from this side of the world.
My general comments are as follows: The presentation followed logical path through the subject, Some slides were to busy/to much detail (perhaps bullet point main features), Format of presentation which included interactive questions was good, Presenter was very knowledgeable and was supported by subject experts. The evening was very useful in highlighting the approach from SARS and informative in terms of the future direction.
The presentation was well formatted with all relevant information and certainly clarified many of my questions. One suggestion I made to Dylan was to see if it’s possible to have more webex/online presentations for those that were not able/are not able to join the live presentations.
Thank you and your team for an enlightening and helpful presentation. Impressed with the depth of knowledge and useful information.
I thoroughly enjoyed the presentation in Khobar. Most of us where in the unknown which created a lot on unnecessary stresses.
It was very informative especially the one on ones, thank you for that.
Thank you for a very interesting and informative presentation yesterday. My husband and I found it most helpful.
First of all I would sincerely thank Tax Consulting for coming to address our concerns here in Al Khobar, Saudi Arabia.
Thank you to the company for a very informative presentation.
The event was informative and was good to meet both Jonty and Nicolas. Jonty touched on some of the issues had around this journey, ahead, facing me.