Currently, individuals are able to withdraw their retirement annuity when they turn 55 or when they financially emigrate and their emigration has been approved by the South African Revenue Service (“SARS”) and by the South African Reserve Bank (“SARB”).
Due to the COVID-19 pandemic and the restrictions implemented, the South African Revenue Service (“SARS”) has pushed back the 2020 tax season by two months. The 2020 tax season will now open on the 1st of September 2020, and closes on the 16th of November 2020, for online submissions, and 22 October 2020, for branch […]
The History of the Policy Shift A quick recap for newcomers to taxation of South Africans abroad is that after a near two decade policy of giving an employment tax exemption to South Africans performing employment services abroad, there was a material policy shift by National Treasury and SARS, first to completely remove the exemption […]
With the effects of COVID-19 hitting the National Treasury where it hurts the most, in the pocket; SARS has introduced auto-assessments.
Looking at global statistics and for those following international news, it appears South Africans can be grateful for not being hit as hard as other countries by Covid-19; yet.
Following SARS’ media statement on 5 May 2020, it is clear that revenue collection is under immense pressure with an expected collection shortfall of between 15% – 20%.
With the first provisional tax payment being due on 31 August 2020, there is some confusion regarding whether expatriates are deemed to be provisional taxpayers by the South African Revenue Service (SARS) or not.
On 5 May 2020, the Commissioner for SARS made a profound media statement, which gave a detailed account of projected revenue collection in light of the COVID-19 crisis, but also gave valuable insight of what we can expect from SARS in coming months.
Following the most recent presidential address, it is clear that South Africa’s borders are going to remain closed for non-essential travel, at least for the time being.
Government has published more than a dozen new directives around South Africa’s lockdown regulations since the official introduction of level 4 restrictions on Friday (1 May).
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