The amendment to the expat tax exemption that came into effect 1 March 2020 will have a tremendous impact on both employers and employees respectively.
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Celebrating the launch of its regional office on the west coast of Mauritius, Temple Group conducted a workshop on the 2020 Tax Reforms in SA, emphasising the reforms announced in the recent budget speech, and the importance of choosing the correct processes for relocating oneself or a company outside of SA.
South Africa Bleeding Skills Not surprisingly, there has been an outflow of South Africans in recent years for various reasons, a top reason being the punitive “expat tax” regime promulgated in December 2017, and effective 1 March 2020.
In December 2017, the change to the foreign employment income exemption was promulgated into law. This has widely become known as the “expat tax”. The exemption at that point was capped at R1mil, meaning that South African tax residents earning foreign employment income above this threshold would no longer be exempt from tax in South […]
Amendments to the Income Tax Act will soon see all South Africans working outside the country’s borders contribute to the fiscus from 1 March.
South African legislation governing expatriate tax exemption is set to change dramatically from 1st March 2020, affecting South Africans worldwide. This includes anyone who has permanently settled in another country.
Thousands of South Africans will be impacted by new amendments to the Income Tax Act which will come into effect from 1 March 2020, says Nicolas Botha, a senior financial emigration specialist at Tax Consulting SA.
An amendment to the Income Tax Act will bring considerable change to the expat landscape as from March 1, 2020. Jean du Toit and Jonty Leon are the technical editors of the publication “Expatriate Tax – South African Citizens Working Abroad and Foreigners in South Africa”.
A Fin24 user planning to use their provident fund to emigrate wants to know whether they will be taxed after the first R22 500.
SARS Views – Not a Law Unto Itself It is an unfortunate sight when tax advisors from varied backgrounds, but more so those who do not have a legal background, turn a blind eye to South African tax legislation and rather submit to the ever-dominating “views” of SARS.
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In the News
- NEWS | NATIONAL TREASURY TAKES A VIEW ON FINANCIAL EMIGRATION02/27/2020 - 14:22
- NEWS | BUDGET SPEECH 2020 – GOVERNMENT LAST DITCH ATTEMPT DUE TO EXODUS OF SOUTH AFRICANS02/26/2020 - 15:08
- NEWS | UNDERSTANDING SOUTH AFRICAN EXPAT TAX02/12/2020 - 05:43
- NEWS | TAX D-DAY IS HERE: SA EXPATS IN FOR A BUMPY RIDE WITH SARS01/16/2020 - 07:12
- NEWS | SOUTH AFRICA’S NEW EXPAT TAX ‘A SCARE TACTIC – EXPERT’01/15/2020 - 06:59