LATEST NEWS

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From Departure To Encashment: The Two-pot Retirement System

11/09/2023

The much anticipated two-pot retirement system, introduced as a “knight in shining armour” for South Africans, has received a new implementation date of March 2024. Expats are cautioned to pay attention to the effects that this will have on the encashment of their retirement savings. Micaela Paschini Tax Attorney Khutso Makgoka Legal Consultant: Expatriate Tax...

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Demystifying the Cease Tax Residency Process – Back to Basics

03/09/2023

South African expatriates are often faced with a challenging decision – whether or not to cease their tax residency in South Africa (SA). However, this process has evolved drastically over the last few years, causing confusion for expatriates and tax professionals alike. Many remain unaware of what ceasing their tax residency in SA means and...

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SARS Continues to Place South African Expats at a Crossroads

28/08/2023

In recent years, the South African Revenue Service (SARS) and National Treasury have implemented several legislative and policy changes that have paved the way to enforcing the tax obligations of South Africans living and working abroad. Lovemore Ndlovu Head of SARB Engagement and Expatriate Compliance Several amendments to the tax laws applicable to expatriates have,...

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Decoding Expat Tax

07/08/2023

Expatriate tax is complex, intricate and can be challenging to understand – especially if one does not have the basics, such as what is an expat, down pat. Mbalenhle Mahlaba Expatriate Tax Consultant (BCom Law & LLB) Simply, an expatriate, or expat, is an individual who has relocated from their home country to another, either...

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Splitting the Difference: New Rules for Taxpayers Ceasing Tax Residency

03/08/2023

On 31 July 2023, National Treasury published the new draft tax law amendment bills for public comment. The public can submit their comments on the proposed amendments until the close of business on 31 August 2023. Whilst a number of the proposed amendments will not impact the average taxpayer, expatriates – specifically those who have...

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Shades of Grey: SARS Clearances and Greylisting

03/07/2023

The greylisting of South Africa by the Financial Action Task Force (FATF), due to concerns about the country's anti-money laundering efforts, has had significant consequences for individuals and businesses operating within South Africa. One of the key impacts of greylisting is the increased scrutiny of cross-border financial transactions, particularly with the remittance of funds out...

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“Exit Tax”: Detrimental or Desirable; What You Need to Know

23/06/2023

When pursuing international career growth, and offshore employment, be aware that moving your person, without the requisite paperwork, will have you scoring bonuses in Belgium, but still subject to SARS in South Africa. In order to ensure optimal taxation, South Africans abroad must make use of either the Double Tax Agreement or Financial Emigration process...

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5 Reasons South Africans Consider a Second Passport

14/06/2023

The Henley & Partners, in collaboration with Tax Consulting South Africa, hosted their annual roadshow in May 2023 on the topic of ‘ Investment Migration Is More Than Just a Plan B.’ . This again highlights the reasons why South Africans are considering getting a second passport. There is a difference between a second passport...

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The Market Has Spoken: Experienced Hands Needed to Navigate SARS’ Enhanced AIT

12/06/2023

The market saw mixed reactions following the implementation of the enhanced Approval of International Transfers (AIT) process on 24 April 2023. Jashwin Baijoo Head of Engagement & Compliance at Tax Consulting SA On the one hand, there was the tribe aligned with the strategic intent that the AIT process aids in making non-compliance hard and...

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The Cost of Non-Compliance – SARS’ Shrapnel Knows No Borders

05/06/2023

SARS has made it easier to clamp down on individuals it deems as “sophisticated taxpayers”, specifically those with the ability “to apply for more than the yearly R1 million single discretionary allowance”. This is per the SARS media statement on 3 May 2023, and is one of the reasons given for the new Approval for...

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New AIT Enhancements Not to be Taken Lightly

31/05/2023

On 24 April 2023, the new enhanced Tax Clearance Status System, was introduced, this being the Approval for International Transfer, or AIT application, as it has been coined. Without much fanfare, SARS’ immediate implementation of this new process may have come as a shock to the market, generating some uncertainty amongst financial professionals. Jashwin Baijoo...

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SARS’ New Process for Emigration and Foreign Investment Allowance

22/05/2023

The South African Revenue Service (“SARS”) introduced the new Approval for International Transfer (“AIT”) process on 24 April 2023, which requires a significant change in disclosure for South Africans taking money abroad. Dr Dylan Price Head of Client & Stakeholder Engagement at Tax Consulting SA. The AIT process applies to both South African tax residents...

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LATEST NEWS

From Departure To Encashment: The Two-pot Retirement System

Demystifying the Cease Tax Residency Process – Back to Basics

SARS Continues to Place South African Expats at a Crossroads

Decoding Expat Tax

Splitting the Difference: New Rules for Taxpayers Ceasing Tax Residency

Shades of Grey: SARS Clearances and Greylisting

“Exit Tax”: Detrimental or Desirable; What You Need to Know

5 Reasons South Africans Consider a Second Passport

The Market Has Spoken: Experienced Hands Needed to Navigate SARS’ Enhanced AIT

The Cost of Non-Compliance – SARS’ Shrapnel Knows No Borders

New AIT Enhancements Not to be Taken Lightly

SARS’ New Process for Emigration and Foreign Investment Allowance

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