TEMPLE GROUP (MAURITIUS) UPDATES ON THE IMMINENT FISCAL REFORMS IN SA

Celebrating the launch of its regional office on the west coast of Mauritius, Temple Group conducted a workshop on the 2020 Tax Reforms in SA, emphasising the reforms announced in the recent budget speech, and the importance of choosing the correct processes for relocating oneself or a company outside of SA.

Aditi Boolell, Lead Advisory for Immigration and Corporate Services at Temple Group, along with Jonty Leon, Legal Manager at Tax Consulting South Africa, made detailed presentations on residency, financial emigration from SA, relocation and immigration options into Mauritius, and the various tax implications and solutions therein.

From SA perspective, effective 1^st March 2020, Section 10(1)(0)(ii) of SARS has been amended to include worldwide income of any South African to be liable for SARS taxation and assessments, unless proper measures are initiated and expedited by those leaving the SA territory under the legislative framework.

The threshold to remit funds outside SA has been increased form R1 million ZAR to R1,250 million ZAR, but the process to stop being liable for SA taxes, if living outside SA per SARS rules, remains the same.

Source: Business Magazine