“From blocked accounts, to financial freedom, and back to blocked accounts.” Lovemore Ndlovu SARS and South African Reserve Bank Specialist On Thursday 3 June 2021, SARS issued its guidance on what ceasing South African tax residency involves, by posting its “Cease to be a Resident” webpage. This is a welcome initiative that may clear up…
South Africa has a history of taxpayers making use of offshore structures in order to conceal their assets and income. Taxpayers have long believed that these arrangements were beyond SARS’ reach, but will they stand the test of time? While many South Africans have previously disclosed their offshore assets under the tax and exchange control…
SARS issued a guideline for taxpayers who want to cease South African tax residence. The guideline confirms that ceasing tax residency of South Africa is not a box ticking exercise. On Thursday 3 June 2021, SARS issued its guidance on what ceasing South African tax residency involves, by posting its “Cease to be a Resident”…
We have seen significant changes and adjustments to the exchange control policies with National Treasury steadily reducing exchange controls for individuals seeking to send money abroad, particularly in the last 15 odd years. The most dramatic changes were implemented early this year where we saw National Treasury follow through with their proposed plans as per…
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…
