Tax practitioners say their clients remain panicked and concerned about the ‘expat tax’, despite National Treasury adopting a relatively softer stance. “I see a lot of panic coming our way,” Bari Duvenhage, personal tax specialist at Regan van Rooy, told delegates at the Tax Indaba. She says expats are unsure how it will impact their…
Incorrect information and advice from tax practitioners, or in some cases South African Revenue Service (SARS) officials, has resulted in the misunderstanding of complex South African expatriate tax legislation, which has landed many South African in deep water with SARS. This has led to many expats being under the incorrect impression that their tax affairs…
According to experts operating within the field of emigration, South Africans are expected to break emigration records in 2018. Speaking to 702 Talk Radio, the manager at Financial Emigration, Jonty Leon, discussed the sharp spike in the number of South Africans looking to relocate abroad. Leon’s sentiments echo those shared by UK visa solutions specialists,…
What is CRS and why should I care? Jurisdictions that have agreed to and signed the recently implemented “Common Reporting Standard” (CRS) are obligated to obtain pertinent financial information from their financial institutions and automatically exchange this with other jurisdictions on an annual basis. Put simply, if you are living in a jurisdiction that has…
The term “ordinarily resident” is not defined in South African legislation but has been interpreted by South African courts for almost a century when dealing with tax law matters. The South African Revenue Service (“SARS”), in 2002, released an Interpretation Note (“IN3”) that assisted taxpayers in understanding the term, and which considered case law as…
A death of a family member is never a topic that is likely to be discussed nor a discussion that is wanted however a reality that one needs to prepare for in future. Preparing for such events is key for a smooth transition in the closure and pay-out of deceased estates and inheritances. Thousands of…
There appears a remarkable amount of misinformation flying about between South African expatriates abroad on when you can legally lose your South African passport. Is there any truth in that as a South African living and working abroad, you cease South African citizenship and must hand in your South African passport? Expatriate Tax Exemption Changed…
There is so much misinformation flying around the South African expatriate community at the moment. Service providers perpetuate this using scare tactics and promoting what will benefit them and their bottom line over what is best for expats at large. First of all, there can never be a one size fits all approach. Financial Emigration…
The new expatriate tax law comes into effect 1 March 2020. However, many South Africans abroad believe that the law has not been legally amended and will thus not affect them. This belief is unfortunately incorrect, as the law change has been fully enacted. We have provided a concise breakdown of the tax law above […]
South African expatriates need not only understand the new expatriate tax law but also act on it or face dire tax consequences come 1 March 2020. The Expat Tax Amendment The amendment to section 10(1)(o)(ii) of the South African Income Tax Act No. 58 of 1962 formed part of the Taxation Laws Amendment Bill of…
