LATEST NEWS

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NEW TAX BILLS – A STEP CLOSER TO RETIREMENT REFORM IN SA AND IMMEDIATE 3-YEAR LOCKUP

17/08/2020

A STEP CLOSER TO RETIREMENT REFORM IN SA AND IMMEDIATE 3-YEAR LOCKUP The draft Taxation Laws Amendment Bill (“TLAB”) was published on 31 July 2020. As announced in the Budget Speech, any South African leaving in future will be subject to a much stricter process from 1 March 2021 onwards. But there was also a...

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THINK TWICE BEFORE ACCEPTING YOUR SARS AUTO-ASSESSMENT

13/08/2020

SARS’ announcement that it has started auto-assessing certain taxpayers may lead some people to believe they no longer need to worry about their tax submissions. This is not the case, according to Thamsanqa Msiza, Head of Individual Tax Returns at Tax Consulting South Africa. “The onus still lies with the taxpayer to ensure all information...

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NEW TAX BILLS IMPOSE STRICTER RULES TO TAKE RETIREMENT FUNDS ABROAD

06/08/2020

The draft Taxation Laws Amendment Bill (“TLAB”) was published on 31 July 2020 and with it comes an overhaul of the regime for taking your retirement funds abroad. In terms of the proposed amendments, expatriation of these benefits will be subject to a much stricter process from 1 March 2021 onwards. Current position Under the...

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NATIONAL TREASURY SEEKS MUCH MORE BITE FOR SARS ON CRIMINAL TAX OFFENCES

05/08/2020

FOR SARS ON CRIMINAL TAX OFFENSES The new Draft Tax Administration Laws Amendment Bill (“TALAB”), released on 31 July 2020, proposes a law change that will effectively lower the threshold for SARS and the National Prosecuting Authority (NPA) to criminally prosecute taxpayers. The Proposed Amendment The proposed amendment is directed at paragraph 30 of the...

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TAXMAN GIVES 7 MONTHS’ NOTICE – THEREAFTER RETIREMENT FUNDS CAPTURED FOR 3 YEARS

04/08/2020

THEREAFTER RETIREMENT FUNDS CAPTURED FOR 3 YEARS Government Moving to Hold onto South African’s Retirement Funds On 31 July 2020, the Draft Tax Law Amendment Bill (“TLAB”) contained a hidden announcement, which may prove to be the final straw for many ex-South Africans who still have retirement investments left in South Africa. The TLAB seeks...

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UNDER WHICH CIRCUMSTANCES ARE YOU ALLOWED TO WITHDRAW YOUR RETIREMENT ANNUITY?

27/07/2020

WHY THESE REASONS? Currently, individuals are able to withdraw their retirement annuity when they turn 55 or when they financially emigrate and their emigration has been approved by the South African Revenue Service (“SARS”) and by the South African Reserve Bank (“SARB”). It is worth noting that even where an individual has reached the age...

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SOUTH AFRICANS WORKING ABROAD: MUST YOU SUBMIT A TAX RETURN TO SARS?

24/07/2020

MUST YOU SUBMIT A TAX RETURN TO SARS? Due to the COVID-19 pandemic and the restrictions implemented, the South African Revenue Service (“SARS”) has pushed back the 2020 tax season by two months. The 2020 tax season will now open on the 1st of September 2020, and closes on the 16th of November 2020, for...

THE UNCERTAIN FUTURE OF FINANCIAL EMIGRATION

03/06/2020

The History of the Policy Shift A quick recap for newcomers to taxation of South Africans abroad is that after a near two decade policy of giving an employment tax exemption to South Africans performing employment services abroad, there was a material policy shift by National Treasury and SARS, first to completely remove the exemption...

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SARS NEW AUTO-ASSESSMENTS: WHY SOUTH AFRICAN EXPATRIATES MUST BE FULLY COMPLIANT

01/06/2020

WHY SOUTH AFRICAN EXPATRIATES MUST BE FULLY COMPLIANT With the effects of COVID-19 hitting the National Treasury where it hurts the most, in the pocket; SARS has introduced auto-assessments. This means tax returns will be completed automatically on behalf of the taxpayers using third-party information. How will it work? From August this year, SARS has...

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THE ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT IS CLEANING THE GLOBE

28/05/2020

Looking at global statistics and for those following international news, it appears South Africans can be grateful for not being hit as hard as other countries by Covid-19; yet. In saying that, South Africa is unlike the United States and countries in Europe that are better equipped to shield its subjects from the ramifications of...

Magnifying glass on dark surface with text: 'SA Expats Beware SARS Using Third Party Information'.

SA EXPATS BEWARE: SARS EYES OFFSHORE ASSETS, FOREIGN INCOME AND BANK ACCOUNTS

21/05/2020

SARS EYES OFFSHORE ASSETS, FOREIGN INCOME AND BANK ACCOUNTS Following SARS’ media statement on 5 May 2020, it is clear that revenue collection is under immense pressure with an expected collection shortfall of between 15% – 20%. With the number of taxpayers able to contribute to the fiscus dwindling, SARS will have to look to...

Hand with a pen marking a date on a calendar, with text overlay about expatriates and provisional tax.

MUST EXPATRIATES PAY PROVISIONAL TAX TO SARS?

18/05/2020

With the first provisional tax payment being due on 31 August 2020, there is some confusion regarding whether expatriates are deemed to be provisional taxpayers by the South African Revenue Service (SARS) or not. Reabetswe Moloi, Expatriate Tax Attorney at Tax Consulting SA, says that an expatriate may be regarded as a provisional taxpayer if...

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LATEST NEWS

NEW TAX BILLS – A STEP CLOSER TO RETIREMENT REFORM IN SA AND IMMEDIATE 3-YEAR LOCKUP

THINK TWICE BEFORE ACCEPTING YOUR SARS AUTO-ASSESSMENT

NEW TAX BILLS IMPOSE STRICTER RULES TO TAKE RETIREMENT FUNDS ABROAD

NATIONAL TREASURY SEEKS MUCH MORE BITE FOR SARS ON CRIMINAL TAX OFFENCES

TAXMAN GIVES 7 MONTHS’ NOTICE – THEREAFTER RETIREMENT FUNDS CAPTURED FOR 3 YEARS

UNDER WHICH CIRCUMSTANCES ARE YOU ALLOWED TO WITHDRAW YOUR RETIREMENT ANNUITY?

SOUTH AFRICANS WORKING ABROAD: MUST YOU SUBMIT A TAX RETURN TO SARS?

THE UNCERTAIN FUTURE OF FINANCIAL EMIGRATION

SARS NEW AUTO-ASSESSMENTS: WHY SOUTH AFRICAN EXPATRIATES MUST BE FULLY COMPLIANT

THE ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT IS CLEANING THE GLOBE

SA EXPATS BEWARE: SARS EYES OFFSHORE ASSETS, FOREIGN INCOME AND BANK ACCOUNTS

MUST EXPATRIATES PAY PROVISIONAL TAX TO SARS?

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