5 Reasons South Africans Consider a Second Passport

The Henley & Partners, in collaboration with Tax Consulting South Africa, hosted their annual roadshow in May 2023 on the topic of ‘Investment Migration Is More Than Just a Plan B.’. This again highlights the reasons why South Africans are considering getting a second passport.

The Market Has Spoken: Experienced Hands Needed to Navigate SARS’ Enhanced AIT

The market saw mixed reactions following the implementation of the enhanced Approval of International Transfers (AIT) process on 24 April 2023.

The Cost of Non-Compliance – SARS’ Shrapnel Knows No Borders

SARS has made it easier to clamp down on individuals it deems as “sophisticated taxpayers”, specifically those with the ability “to apply for more than the yearly R1 million single discretionary allowance”. This is per the SARS media statement on 3 May 2023, and is one of the reasons given for the new Approval for […]

New AIT Enhancements Not to be Taken Lightly

On 24 April 2023, the new enhanced Tax Clearance Status System, was introduced, this being the Approval for International Transfer, or AIT application, as it has been coined. Without much fanfare, SARS’ immediate implementation of this new process may have come as a shock to the market, generating some uncertainty amongst financial professionals.

SARS’ New Process for Emigration and Foreign Investment Allowance

The South African Revenue Service (“SARS”) introduced the new Approval for International Transfer (“AIT”) process on 24 April 2023, which requires a significant change in disclosure for South Africans taking money abroad.

FPI Event Sheds Light on SARS’ Tax Compliance Status Process Change

Since the South African Revenue Service (SARS) announced the changes to the Tax Compliance Status (TCS) process, the media has been abuzz. To cut through this noise, Tax Consulting South Africa and the Financial Planning Institute of South Africa (FPI) held a short webinar on 10 May 2023 unpacking all these changes, with a step-by-step […]

SARS Is Sticking to Its Promise of Dramatically Faster Turnaround Times

The South African Revenue Service (SARS) recently made several changes to its Tax Compliance Status (TCS) process. According to their media statement on 3 May 2023, SARS states that these changes, or “enhancements”, aim to “dramatically improve turnaround times” for compliant taxpayers and traders seeking to transfer funds out of South Africa.

SARS’ New First-Class Tax Clearance System Takes Taxpayers into Unchartered Territory

Taxpayers generally need to obtain confirmation that they are compliant with their tax affairs in South Africa, at some point or another. If you escape this in life, it will generally become your beneficiaries and legatees’ problem on death. Hence the saying, “death and taxes”.

Policy Withdrawals – Navigating the Inconsistencies of Expat Requirements

South Africans abroad face multiple challenges when it comes to withdrawing their retirement policies in South Africa. The most recent being the South African Revenue Services (“SARS”) implementation of the 3-year lock in rule on retirement funds in March 2021. This was further exacerbated by cumbersome requirements and additional administration burden required by policy providers.

Reaffirming The Rules – SARS Disputes And The High Court

Under the original section 105 of the Tax Administration Act, 28 of 2011 (“the TAA”), taxpayers could elect to dispute a “decision” by application to the High Court for review. This was, however, amended in 2015, to make it clear that a “decision” by SARS may only be disputed per the objection and appeal procedures, […]