South African expatriates who ignore their tax obligations will soon find themselves in hot water with SARS. “They need to urgently review their compliance status with an expatriate tax specialist or risk a major personal financial crisis and even jail time,” warns Jashwin Baijoo, Legal Manager, Africa Tax and Compliance at Tax Consulting South Africa….
On the minds of many South African expatriates are the options which are available to them for tax relief in South Africa, given the many changes made to the tax laws in South Africa. However, it appears that these issues are not only highly relevant for taxpayers themselves, but also for the tax practitioners who…
If you’re 55 plus and have emigrated or are intending to emigrate, you’ll still have to submit annual returns to SARS and pay tax on your worldwide income for the rest of your life. “Depending on your situation, you can either reduce or eliminate your tax obligation, but only if you follow the correct processes,”…
South Africa has experienced a large brain drain over the past few years with many skilled South Africans emigrating. However leaving South Africa doesn’t mean you can forget your relationship with SARS. “No matter where you decide to live, you are still obligated to declare your worldwide income every year to SARS and pay tax…
As a South African millennial income earner, even if you’re moving abroad, you’ll still have to declare your worldwide income to SARS on an annual or provisional basis. “Leaving South Africa does not automatically relieve you of your tax obligation,” says Victoria Lancefield, General Manager, Financial Emigration & Tax Residency at Tax Consulting South Africa….
Introduction of Automatic Exchange of Information The South African Revenue Service (SARS) has discovered R400bn in offshore holdings owned by South Africans and is on the rampage to collect all taxes that it is owed on these assets. This means that South Africans who are currently working abroad need to particularly take note and ensure…
South Africans who are already living abroad but have not yet properly financially emigrated need to be aware of the major benefits of taking the important step of ceasing tax residency to get their tax affairs in order with the SA Revenue Service (SARS). In reality, many citizens living abroad are not familiar with the…
South Africans living abroad who have not yet financially emigrated and cashed in their retirement annuity savings are concerned about the volatile rand exchange rate. Tax Consulting SA expatriate tax specialist Victoria Lancefield said expats living in a range of countries from the United Kingdom, Ireland and the Netherlands to Portugal, France, Bermuda, China, Australia,…
South Africans emigrating to greener pastures may be prevented from leaving the country – or worse – if their application for tax clearance is denied by SARS. Recent changes to expatriate tax procedures and SARS’ dramatically improved auditing capabilities mean the exit process is more stringent than ever. So, taxpayers must ensure they are fully…
The process of financial emigration, which is the process that allows a taxpayer to formally place themselves on record as a non-resident for tax purposes with the South African Revenue Service (SARS), recently changed and came into effect on 1 March 2021. Jonty Leon, Legal Manager (Expatriate Tax) at Tax Consulting South Africa, says the…
