LATEST NEWS

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

15/05/2023

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...

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SARS Is Sticking to Its Promise of Dramatically Faster Turnaround Times

10/05/2023

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. Swift turnaround times...

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

05/05/2023

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”. Nikolas Skafidas Tax Diagnostic Specialist The previous system is well...

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Policy Withdrawals – Navigating the Inconsistencies of Expat Requirements

17/04/2023

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....

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Reaffirming The Rules – SARS Disputes And The High Court

06/04/2023

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,...

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Need-To-Know Advice For High-Net-Worth SA Families Considering Emigrating To The US

13/03/2023

Many high net worth (HNW) individuals and families, as well as qualified professionals, are seriously considering emigrating from South Africa to the US. Whether it is for work or to escape the country's poor economic conditions and dwindling wealth opportunities, it's a life-altering decision that shouldn't be taken lightly. Or rushed into without the right...

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Deregistration – Is It The Answer To Breaking All Ties With SARS?

08/03/2023

For expatriates who have decided that it is time that they break all ties with South Africa, the process of getting the South African Revenue Service (“SARS”) off your back can be a long, time-consuming affair that can result in many mistakes. With an increasing number of expatriates opting to financially emigrate, the deregistration process...

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Who Why and How – Backdating your Financial Emigration

06/03/2023

South Africa is a tax resident system. Tax residents of South Africa are taxed on worldwide income and South African sourced income. With the full foreign income exemption being capped in March 2020, it is more important than ever for expats, with a permanent intent to reside abroad, to formally cease their residency. Martin Bezuidenhout...

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A Global Consensus – Prior Due Diligence Recommended for AIT Requests

02/03/2023

In the weeks following the announcement of SARS’ enhanced Approval of International Transfers (AIT) process Tax Consulting South Africa hosted technical training sessions for several SARS-recognised controlling bodies. To date, this has included the South African Institute of Taxation, the Financial Planning Institute of Southern Africa, and the South African Institute of Professional Accountants. Jashwin...

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Time To Count Your Chickens: SARS Has Changed The Tax Compliance Status Process

02/03/2023

With no fanfare or any prior notification, on 24 April 2023, SARS released new enhancements to the Tax Compliance Status (TCS) process, and with immediate effect. These changes will be directly felt by specific taxpayers seeking to transfer funds out of South Africa and will effectively change the ball game for those who have ceased...

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An Expat Misconception: Your Tax Residency Status

23/02/2023

South Africans living abroad need to be mindful of the impact that this has on their tax obligations and ultimately, which country has a taxing right. Your tax obligation ultimately depends on your tax residency status. André Daniels Legal Manager of Tax Controversy & Dispute Resolution Kivashna Veerasamy Tax Attorney There is a common misconception...

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No Endgame: SARS Stalemates Taxpayers Ceasing Tax Residency

17/02/2023

There may be a strange game of chess being played with taxpayers who are trying to cease their South African tax residency, with the result of keeping them “trapped” as tax residents for no legitimate reason. "We have seen this often and especially in unassisted non-resident applications that are rejected for reasons that are both...

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LATEST NEWS

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

SARS Is Sticking to Its Promise of Dramatically Faster Turnaround Times

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

Policy Withdrawals – Navigating the Inconsistencies of Expat Requirements

Reaffirming The Rules – SARS Disputes And The High Court

Need-To-Know Advice For High-Net-Worth SA Families Considering Emigrating To The US

Deregistration – Is It The Answer To Breaking All Ties With SARS?

Who Why and How – Backdating your Financial Emigration

A Global Consensus – Prior Due Diligence Recommended for AIT Requests

Time To Count Your Chickens: SARS Has Changed The Tax Compliance Status Process

An Expat Misconception: Your Tax Residency Status

No Endgame: SARS Stalemates Taxpayers Ceasing Tax Residency

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