Citizenship planning has become an important element of every financial plan. Today investors are incorporating the benefits of citizenship planning in their estate planning, retirement planning, legacy planning and tax planning. Citizenship planning is also unique for every investor. An investor needs to consult with their immigration expert, Tax Lawyer, accountant, or wealth advisor to…
South Africans living abroad should be aware of the seriousness with which SARS is dealing with non-compliance. Provided that you are working abroad and have not ceased your tax residency, while not filing tax returns or declaring your foreign income, you are most likely non-compliant. Non-compliancy with SARS will result in written demands and in…
SARS’ CURRENT CHALLENGES There are many reasons why South African tax residents undertake to cease tax residency through the financial emigration process. One of the reasons is that a successful financial emigration provides one with the rare opportunity to fully encash your policy funds. However, individuals are struggling to successfully encash their policies through the…
SARS is mandated through legislation to conduct a criminal investigation if it suspects tax fraud. Once it has been finalised, they register a formal complaint with the South African Police Services. This initiates the criminal justice process. A case docket is then forwarded to the National Prosecuting Authority (NPA), where their Special Tax Unit prosecutors…
On numerous occasions, the South African Revenue Service (SARS) has warned that they will be taking on South African taxpayers who have been non-compliant. James Fouche Writer/Journalist They have backed this threat by issuing a series of summonses on those who are suspected of contravening SA tax laws. The media was quick to report on…
The Expatriate Petition Group (“EPG”), who has an active membership of 15,000 South Africans abroad, recently conducted a survey to contextualise the proposed retirement fund changes from the perspective of South African expatriates, specifically in light of other recent legislative amendments. Chris Nel Tax and Investment Specialist, CFP® Professional The survey results showed that 75%…
The National Prosecuting Authority (NPA) is issuing summonses to taxpayers with outstanding tax returns. The Commissioner for SARS, Edward Kieswetter, has promised that they will make life difficult for non-compliant taxpayers, a promise he has kept. Those who decided to ignore his words of caution may soon be summoned to appear in court on criminal…
On 28 July 2021, National Treasury and the South African Revenue Services (SARS) released the 2021 Draft Taxation Laws Amendment Bill, which will come into effect from March 2022. Susan Warren Insurance Specialist, CFP® Professional It has enjoyed a lot of scrutiny over the last couple of weeks – and rightfully so. The revelation of…
It is not uncommon for National Treasury and the South African Revenue Services (SARS) to propose, and subsequently gazette, amendments to the Income Tax Law. It’s also not unheard of that these draft tax law amendment bills will enjoy scrutiny by industry specialists. That is why draft tax bills are open for public comment. Once…
The 2021 Draft Tax Bills published proposed the introduction of a tax on the retirement interests of those who cease their South African Tax Residency. It means a new section will be inserted in the Income Tax Act that would take effect from 1 March 2022. The new Exit Tax may very well lead to…
