The President has given effect to the 2021 tax proposals by signing the relevant tax Acts into law. With the promulgation of the Taxation Laws Amendment Act No. 20 of 2021 (“TLAA”), Government’s promise to scrap the exit tax on retirement interests has been confirmed, at least for now.
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For years the South African Revenue Service (“SARS”) has been trying to amend legislation to affect the way that expatriates are taxed on their foreign earnings. Their relentless pursuit for tax compliance often directs them towards individuals who are not disclosing all their earnings.
The transition from the old emigration regime to the current regime – ceasing of tax residency, came with some relief. However, there were some silent changes that went unnoticed. The most notable change has been the requirement of a SARS Tax Compliance Status (TCS PIN) for every capital transfer a Non-Resident/Non-Tax Resident makes to offshore.
Those who were keeping their options open during 2021, should have a firmer grasp about their future in 2022. Many South Africans toying with the idea of emigration, will be ready to take the next step towards moving their lives to another country. But are you ready for a financial emigration? Here are some points […]
The South African Revenue Service (SARS) has recently started issuing letters to taxpayers working abroad, confirming their change in status to non-residents for tax purposes. This is a somewhat peculiar development for expatriates who have previously ceased their tax residency, as they are now requiring an additional step to objectively support their non-residency as issued […]
Widespread misconceptions about South African expatriate tax legislation can land taxpayers in hot water with SARS, often resulting from inaccurate information from either tax practitioners or SARS personnel.
One of the challenges faced by taxpayers who have left South Africa and ceased their South African tax residency has been obtaining objective confirmation of the fact.
The number of South African taxpayers working abroad have increased systematically over the last two decades, as did the number of expatriates planning to formalize their emigration.
Expat spouses are likely to accompany their partners when they relocate for work. However, their hopes of also getting work are often dashed because their spousal visas prohibit them from working in that country. They soon find themselves pinned down in a foreign country while their careers are placed on hold.
Following deliberation with members of the public, National Treasury recently released its official response to the Parliamentary submissions on their proposed Draft Tax Bills. Among other things, Treasury noted that they would withdraw a controversial amendment that would have been problematic for South African expatriates contemplating emigration.
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