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…
With D-Day for overseas tax looming, expats are seeking ways to counter becoming sitting ducks for corner-cutting tax agents coming out of the woodwork for a kill. Sleazy tax agents have their sights on South Africans working abroad who are jittery about the looming expat tax law changes coming into effect in March, with “experts”…
EXPAT TAX LAW CHANGE COMMENCING MARCH 2020 South African expats have been subjected to vast amounts of conflicting information regarding the amended expat law change, causing uncertainty and panic in their preparations for 1 March 2020. The cause for this is no doubt linked to the many “specialists” creeping out of the woodwork, so to…
With several alarming indicators showing that more South Africans are leaving the country, an increasing number of people have started to research their options on how to move money offshore. Tax Consulting SA has also noted a large increase in individuals who are expatriating funds and investing these funds offshore. There are various speculative reasons…
IS MAURITIUS YOUR NEW HOME? South Africans living and working abroad are faced with possible taxation on their foreign earned income. The reason for this, is the amendment of section 10(1)(o)(ii) of the Income Tax Act No. 58 of 1962 – this section is commonly known as the “expat exemption”. The Expat Exemption Amendment The…
EXPERT ANSWERS FOR SOUTH AFRICANS LIVING AND WORKING ABROAD Thanks to popular demand, here are more ‘Expat Tax’ questions submitted by SAPeople members, with answers kindly provided by the expert tax team at Tax Consulting South Africa. Legal Privilege, Confidentiality and Liability When we operate in our practice, our advice comes with legal privilege (as…
The taxman targets foreign earnings in excess of R1m – but at what cost to the country? Financial emigration is on the rise – by 30% over the last two years, according to Claudia Apicella, head of Financial Emigration, a specialist advisory group targeting financial emigres. The main reason? The imminent change in the law…
HERE ARE SOME CHANGES FROM SARS The South African Revenue Service (SARS) is acutely aware of the decline in tax moral and tax compliance, say Thamasanqa Msiza, senior tax consultant & Darren Britz, senior tax attorney at Tax Consulting SA. Many of the changes to the annual tax Filing Season this year is to lower…
The number of people enquiring and actually going through with the process of financial emigration has “skyrocketed”, says Jonty Leon, legal manager at Financial Emigration. The main reason for this is the amendment to section 10 of the Income Tax Act – otherwise known as the expat exemption – which will come into effect from…
