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.
A recent amendment to section 10(1)(o)(ii) of the Income Tax Act, affecting South Africans working abroad, has resulted in major panic and concern. South African tax residents working abroad will now find themselves having to pay tax on their income insofar as it exceeds R1 million.
The impact of the future tax treatment of income earned by South Africans while they are living and working abroad has been widely publicised. It has also contributed to the first publication of its kind that deals with the tax considerations of South Africans abroad or those with international interests, and foreigners working and living […]