With the effective date drawing closer, South African expatriates and their employers have little time to come to grips with the looming “expat tax” and how it will affect them when it comes into effect on 1 March 2020. Those who fail to understand this tax amendment that will bring considerable change to the South…
MOST FREQUENTLY ASKED QUESTIONS As March 2020 approaches, when SA ‘Expat Tax’ is due to be implemented, we’ve been inundated with questions from South Africans working abroad. Here are some of the latest questions from SAPeople followers around the world, with answers kindly provided by the expert tax team at Tax Consulting South Africa. Legal…
MAKE INFORMED CHOICES TO MITIGATE THE COMING TAX IMPACT ON FOREIGN INCOME The time for making a decision on how to deal with the fundamental tax change for South Africans earning foreign income abroad is fast running out. The change to section 10(1)(o)(ii) – the foreign income exemption – will become effective in about six…
The number of South Africans leaving the country on a permanent basis has increased “exponentially” and many are opting for the island life in Mauritius, not only for its beauty, but certainly for greater financial and tax security. “The island seemingly offers a more stable political and financial climate, and its geographic location and affiliation…
SUPREME COURT OF APPEAL HANDS SARS BIG WIN OVER BMW AND THEIR BIG 4 ADVISORS The Supreme Court of Appeal (SCA) delivered a judgment on 6 September 2019 that handed SARS one of their most influential wins in recent times. The SARS Commissioner did not pull any punches and took BMW South Africa to task…
IS ALREADY IN FULL SWING For some time now, there has been murmurs of a tax revolt amongst South African taxpayers. For too many reasons to mention, South African taxpayers, sometimes publicly, contemplate the notion of disregarding their tax obligations. The SARS Commissioner has taken note of the pervasive disillusionment amongst taxpayers and noted his…
ALL YOUR BURNING QUESTIONS ANSWERED BY OUR EXPERTS As March 2020 approaches, when SA ‘Expat Tax’ is due to be implemented, we’ve been inundated with questions from South Africans working abroad. Here are some of the latest questions from SAPeople followers around the world, with answers kindly provided by the expert tax team at Financial…
SARS Commissioner, Edward Kieswetter, has used the South African Institute of Tax Professionals’ Tax Indaba as a platform to fire a shot across the bow, letting taxpayers know that non-compliance will be met with the full force of the National Prosecuting Authority (NPA). The Commissioner has allied himself with the NPA and concluded a new…
The International Ethics Standards Board for Accountants is looking into whether aggressive tax planning is ethical, even if it is legal, according to Saadiya Adam, a technical advisor for the IESBA. She was one of the speakers at a recent accounting indaba hosted by the South African Institute of Professional Accountants (SAIPA) in Cape Town…
DO YOU AS EMPLOYER HAVE ALL YOUR DUCKS IN A ROW? The amendment to section 10(1)(o)(ii) of the Income Tax Act (“foreign employment exemption”) takes effect from 1 March 2020. Presumably, employees that would be affected thereby have done the necessary planning to sidestep any potential additional tax that may follow the amendment; or at…
