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Policy Withdrawals After Financial Emigration – SARS’ Current Challenges

14/09/2021

SARS’ CURRENT CHALLENGES There are many reasons why South African tax residents undertake to cease tax residency through the financial emigration process. One of the reasons is that a successful financial emigration provides one with the rare opportunity to fully encash your policy funds. However, individuals are struggling to successfully encash their policies through the...

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SARS’ Role In The Criminal Justice System

08/09/2021

SARS is mandated through legislation to conduct a criminal investigation if it suspects tax fraud. Once it has been finalised, they register a formal complaint with the South African Police Services. This initiates the criminal justice process. A case docket is then forwarded to the National Prosecuting Authority (NPA), where their Special Tax Unit prosecutors...

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Is SARS Doing Selective Prosecution Of Tax Offenders?

06/09/2021

On numerous occasions, the South African Revenue Service (SARS) has warned that they will be taking on South African taxpayers who have been non-compliant. James Fouche Writer/Journalist They have backed this threat by issuing a series of summonses on those who are suspected of contravening SA tax laws. The media was quick to report on...

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Industry Survey Evidences The Immense Impact Of Proposed Retirement Fund Changes On South Africans Abroad

02/09/2021

The Expatriate Petition Group (“EPG”), who has an active membership of 15,000 South Africans abroad, recently conducted a survey to contextualise the proposed retirement fund changes from the perspective of South African expatriates, specifically in light of other recent legislative amendments. Chris Nel Tax and Investment Specialist, CFP® Professional The survey results showed that 75%...

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South Africans Abroad Take Note: Taxpayers With Outstanding Returns Summoned To Face Criminal Charges

25/08/2021

The National Prosecuting Authority (NPA) is issuing summonses to taxpayers with outstanding tax returns. The Commissioner for SARS, Edward Kieswetter, has promised that they will make life difficult for non-compliant taxpayers, a promise he has kept. Those who decided to ignore his words of caution may soon be summoned to appear in court on criminal...

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Start Planning Around The Additional Exit Tax Before It’s Too Late

25/08/2021

On 28 July 2021, National Treasury and the South African Revenue Services (SARS) released the 2021 Draft Taxation Laws Amendment Bill, which will come into effect from March 2022. Susan Warren Insurance Specialist, CFP® Professional It has enjoyed a lot of scrutiny over the last couple of weeks – and rightfully so. The revelation of...

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Finance Industry Experts Left Scratching Their Heads About New Draft Tax Bill

23/08/2021

It is not uncommon for National Treasury and the South African Revenue Services (SARS) to propose, and subsequently gazette, amendments to the Income Tax Law. It’s also not unheard of that these draft tax law amendment bills will enjoy scrutiny by industry specialists. That is why draft tax bills are open for public comment. Once...

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Is The New Exit Tax Constitutional?

17/08/2021

The 2021 Draft Tax Bills published proposed the introduction of a tax on the retirement interests of those who cease their South African Tax Residency. It means a new section will be inserted in the Income Tax Act that would take effect from 1 March 2022. The new Exit Tax may very well lead to...

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Tax Bills Propose Additional Exit Tax Under New Section 9HC

13/08/2021

When ceasing their South African tax residency, taxpayers are subject to an ‘exit tax’ which forms part of the emigration process. Victoria Lancefield General Manager Financial Emigration & Tax Residency CIMA Dip MA, ACCA Dip However, National Treasury has proposed a further tax on those who intending to leave South African shores permanently. In the...

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SARS System Enhancements Enforce Tax Compliance

30/07/2021

Over the last couple of years, SARS has systematically increased their manpower to better orchestrate taxation processes, as well as their investigative procedures. They have also allocated R3 billion towards improving their technological and information-gathering infrastructure, which will aid in tightening the noose around individuals with undeclared foreign-earned income or cryptocurrency tax evaders. SARS has...

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Tax Bills Propose Additional Exit Tax On Emigrating South Africans

30/07/2021

National Treasury published the latest Draft Tax Bills on 28 July 2021, which incorporate the tax proposals made in the 2021 Budget. The Draft Taxation Laws Amendment Bill (TLAB) contains a particularly jarring amendment which proposes to tax retirement fund interests of individuals when they cease South African tax residency. Existing exit tax It is...

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New Tax Bills Published: Five Key Proposals

30/07/2021

National Treasury published the latest Draft Tax Bills on 28 July 2021, which incorporate the tax proposals made in the 2021 Budget. Highlighted below are 5 key changes proposed by Government that taxpayers need to be aware of. Curbing abuse of ETI – Schemes where ETI is claimed in respect of individuals who do not...

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LATEST NEWS

Policy Withdrawals After Financial Emigration – SARS’ Current Challenges

SARS’ Role In The Criminal Justice System

Is SARS Doing Selective Prosecution Of Tax Offenders?

Industry Survey Evidences The Immense Impact Of Proposed Retirement Fund Changes On South Africans Abroad

South Africans Abroad Take Note: Taxpayers With Outstanding Returns Summoned To Face Criminal Charges

Start Planning Around The Additional Exit Tax Before It’s Too Late

Finance Industry Experts Left Scratching Their Heads About New Draft Tax Bill

Is The New Exit Tax Constitutional?

Tax Bills Propose Additional Exit Tax Under New Section 9HC

SARS System Enhancements Enforce Tax Compliance

Tax Bills Propose Additional Exit Tax On Emigrating South Africans

New Tax Bills Published: Five Key Proposals

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