NEWS | WHEN TAX PLANNING BECOMES TAX AVOIDANCE – EXPERTS WEIGH IN

The International Ethics Standards Board for Accountants is looking into whether aggressive tax planning is ethical, even if it is legal, according to Saadiya Adam, a technical advisor for the IESBA.

1 MARCH 2020 – DO YOU AS EMPLOYER HAVE YOUR DUCKS IN A ROW?

The amendment to section 10(1)(o)(ii) of the Income Tax Act (“foreign employment exemption”) takes effect from 1 March 2020. Presumably, employees that would be affected thereby have done the necessary planning to sidestep any potential additional tax that may follow the amendment; or at least did their homework to attenuate the impact thereof. A question […]

NEWS | MASSIVE JUMP IN THE NUMBER OF SOUTH AFRICANS APPLYING TO FINANCIALLY EMIGRATE

With D-Day for overseas tax looming, expats are seeking ways to counter becoming sitting ducks for corner-cutting tax agents coming out of the woodwork for a kill.

NEWS | SOUTH AFRICAN EXPATS IN SHARK INFESTED WATERS – EXPAT TAX LAW CHANGE COMMENCING MARCH 2020

South African expats have been subjected to vast amounts of conflicting information regarding the amended expat law change, causing uncertainty and panic in their preparations for 1 March 2020.

NEWS | THE EXCHANGE CONTROL REGULATION OF MONEY IN SOUTH AFRICA TO ABROAD

With several alarming indicators showing that more South Africans are leaving the country, an increasing number of people have started to research their options on how to move money offshore. Tax Consulting SA has also noted a large increase in individuals who are expatriating funds and investing these funds offshore.

NEWS | SOUTH AFRICAN TAX LAW – IS MAURITIUS YOUR NEW HOME

South Africans living and working abroad are faced with possible taxation on their foreign earned income. The reason for this, is the amendment of section 10(1)(o)(ii) of the Income Tax Act No. 58 of 1962 – this section is commonly known as the “expat exemption”.

EXPAT TAX: EXPERT ANSWERS FOR SOUTH AFRICANS LIVING AND WORKING ABROAD

Thanks to popular demand, here are more ‘Expat Tax’ questions submitted by SAPeople members, with answers kindly provided by the expert tax team at Tax Consulting South Africa.

NEWS | FINANCIAL EMIGRATION IS THE NEW WAY OUT

Financial emigration is on the rise – by 30% over the last two years, according to Claudia Apicella, head of Financial Emigration, a specialist advisory group targeting financial emigres.

TAX FILING SEASON – HERE ARE SOME CHANGES FROM SARS

The South African Revenue Service (SARS) is acutely aware of the decline in tax moral and tax compliance, say Thamasanqa Msiza, senior tax consultant & Darren Britz, senior tax attorney at Tax Consulting SA. Many of the changes to the annual tax Filing Season this year is to lower the cost of compliance for taxpayers, […]

MASSIVE JUMP IN THE NUMBER OF SOUTH AFRICANS APPLYING TO FINANCIALLY EMIGRATE

The number of people enquiring and actually going through with the process of financial emigration has “skyrocketed”, says Jonty Leon, legal manager at Financial Emigration.

NEWS | TAX FILING SEASON: DON’T MISS OUT ON YOUR TAX RETURN

Taxpayers earning less than R500 000 per annum from one employer in a single tax year are not required by SARS to file their tax returns. However, tax consultants advise that taxpayers should still file their returns if there is a chance they would get a tax refund.

NEWS | FINANCIAL EMIGRATION – REQUIREMENTS AND MISCONCEPTIONS

There is a lot of misinformation circling in the South African expatriate community about the amended expatriate tax law taking effect on 1 March 2020 and the process of Financial Emigration. We often have clients approach us where they have been subjected to scaremongering or solicited by “one-man” bands promoting their own agenda.

NEWS | SOUTH AFRICAN EXPAT TAX: YOUR QUESTIONS ANSWERED BY THE EXPERTS

With South Africans who live or work abroad facing the imminent introduction of “expat tax”, there has been a lot of scaremongering and confusion. Recently the expert tax team at Tax Consulting South Africa kindly offered to answer SAPeople members’ questions. Here you will find a selection of the questions submitted and answers by Jerry Botha, Managing Partner […]

Brace For The Expatriate Tax Exemption

If there was any doubt amongst taxpayers, especially South Africans working abroad, National Treasury, on 6 March 2019, categorically confirmed that it is forging ahead with the implementation of the amended section 10(1)(o)(ii) (“the Expat Exemption”).

Budget Speech 2019 – OECD’s Common Reporting Standard – Nowhere To Hide

National Budget Speech – OECD’s Common Reporting Standard – Nowhere To Hide The Budget Speech is just one of the times where a tax attorney shows their worth. Instead of just reviewing the headlines, a tax attorney should be delving into the budget proposals, current policies and policy adjustments. The need for an in-depth review […]

National Treasury opens door for more discussions on expat tax

National Treasury has invited key stakeholders to a workshop early next month to address continued concerns around the amended foreign income tax exemption. The change is set to become effective on 1 March 2020.

Tax Residency and Financial Emigration: Everyone is an Expert

Financial Emigration Ceases Tax and Exchange Control Residency The process of “Financial Emigration” terminates your tax residency status with the South African Revenue Service (“SARS”) as well as your status as exchange control resident with the South African Reserve Bank (“SARB”). The SARS process includes a verification or “audit” procedure, as financial emigration is not […]