LATEST NEWS

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South Africa Welcomes Foreign Property Investment Despite Widespread Global Restrictions

13/02/2023

In the midst of growing international restrictions on foreign property investors, South Africa remains a welcoming haven to these buyers. Victoria Lancefield Director of Expatriate Tax and Banking Engagement Marisa Jacobs Managing Director "Foreign investors can enjoy greater freedom to purchase a wider range of properties in South Africa with fewer and lower investment requirements,"...

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SARS Focuses on International Tax with 52 Fresh Vacancies Ahead of Budget Speech

02/02/2023

In the lead up to South Africa’s budget speech in February 2023, the South African Revenue Service (SARS) has announced the addition of 52 new vacancies to its staff . The positions listed all hint to new changes which may affect expats living and working outside of South Africa. Whilst this is a seemingly positive...

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The Importance Of An Exit Roadmap And Financial Strategy When Emigrating

30/01/2023

With the ongoing global skills shortage and South Africans being highly sort after, many individuals are choosing to Financially Emigrate with the aim of starting a life abroad. However, this decision should not be taken lightly and requires a well thought-out road map and exit strategy. South African’s planning their lives abroad have a lot...

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Your South African Retirement Savings And Their Tax Implications

20/01/2023

The National Treasury and SARS have introduced many changes to the treatment of South African retirement vehicles which have often resulted in adverse tax implications and penalties for early withdrawals, or strict rules and regulations applied. The aim of this was to incentivise South Africans to be more forward thinking and to encourage the provisioning...

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January 23 Deadline Causing Headaches For Provisional Taxpayers

18/01/2023

The recent announcement that the deadline for provisional taxpayers has been brought forward to 23 January 2023 is causing confusion. "Some provisional taxpayers have mistaken this to mean that their second provisional tax submission is due sooner this year, but this is incorrect," says Nicolas Botha, Tax Team Compliance & Processing Manager at Tax Consulting...

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Voluntary Compliance Encouraged By SARS

01/12/2022

In a media statement dated 30 November 2022, the South African Revenue Service (“SARS”) stated that they are encouraging all taxpayers who may be in default on their tax affairs to approach SARS via the Voluntary Disclosure Programme (“VDP”). By coming forward willingly, said taxpayers will receive the help and advice from SARS to expedite...

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SARS’ Sherlock Holmes Approach to Foreign Income

01/12/2022

The number of South Africans earning income abroad has continuously been on the rise. The majority percentage of the South African Revenue Service’s (SARS) tax collections have also consistently been from personal income. These two factors combined, in the context of our residency-based tax system, has massively piqued the interest of our revenue service in...

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Flying Towards A Tax Saving_Double Tax Agreement Or Financial Emigration

14/11/2022

Having visited over 12 international locations in 2022, and engaging with South African expatriates, we can attest to a recent report issued by the United Nations which found that around 900 000 South Africans are already living and working overseas – and indeed, this may well be an understatement. Delano Abdoll Legal Manager: Cross-Border Taxation...

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Performing A Tax Diagnostic Does Not Trigger A Reaction From SARS

08/11/2022

What is a Tax Diagnostic Report? A tax diagnostic can be thought of as a thorough examination of your historic tax matters on your SARS profile that will give a comprehensive overview of your tax standing, history and current state of tax compliance. This is the framework in which a qualified tax advisor analyzes your...

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SARS’ Smoking Gun? Estimated Tax Assessments through Lifestyle Audits

01/11/2022

Lifestyle audits were initiated by SARS back in 2007, however actual action earnestly began only a few years ago with the arrival of SARS Commissioner Edward Kieswetter. These audits are conducted when SARS suspects that the taxpayer is not declaring all his or her income and thus is underpaying the factual tax due. The risk...

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SARS Ups The Ante On Expatriates Trying To Cease Their Tax Residency

12/10/2022

SARS has started to make good on its promise in the 2020 Budget Review by enhancing their verification and audit processes to accurately review the compliance and tax statuses of South Africans abroad. Nikolas Skafidas Tax Diagnostic Specialist Martin Bezuidenhout Expatriate Tax Attorney The first indication of this was SARS’ issuance of letters confirming taxpayers’...

Alarm Over Growing Brain Drain From SA

19/09/2022

As emigration by skilled South Africans rises, experts in the auditing and insurance sectors have warned this will weaken the country's skills base and reduce the pool of wealthy individuals, whose spending on goods and services support many businesses. Thomas Lobban Legal Manage: Cross-Border Taxation Martin Bezuidenhout Expatriate Tax Attorney As emigration by skilled South...

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LATEST NEWS

South Africa Welcomes Foreign Property Investment Despite Widespread Global Restrictions

SARS Focuses on International Tax with 52 Fresh Vacancies Ahead of Budget Speech

The Importance Of An Exit Roadmap And Financial Strategy When Emigrating

Your South African Retirement Savings And Their Tax Implications

January 23 Deadline Causing Headaches For Provisional Taxpayers

Voluntary Compliance Encouraged By SARS

SARS’ Sherlock Holmes Approach to Foreign Income

Flying Towards A Tax Saving_Double Tax Agreement Or Financial Emigration

Performing A Tax Diagnostic Does Not Trigger A Reaction From SARS

SARS’ Smoking Gun? Estimated Tax Assessments through Lifestyle Audits

SARS Ups The Ante On Expatriates Trying To Cease Their Tax Residency

Alarm Over Growing Brain Drain From SA

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