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…
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…
