Latest South African Emigration News & Tax Insights

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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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5 Top Tips For Expats To Make Themselves Tax Ready

12/07/2021

Adding to the challenges of 2020, the South African Revenue Services (SARS) announced that it did not make its annual budget. Tanya Tosen Master Mobility and Tax Specialist In addition, SARS amended the tax laws for South African expats, now drawing them into this diminishing tax net. Previously all income for services rendered abroad were...

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Working Remotely Abroad: Not As Simple As Packing Your Bags And Leaving

08/07/2021

Remote work has become the norm for many employees and professionals alike. Along with the growth of the ‘gig’ economy, which surged during the Covid-19 pandemic, the most remarkable change is the flexibility and mobility of remote working employees, who can criss-cross the country and global borders without taking a day’s leave. Tanya Tosen Master...

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Avoid Tax Wolves In Sheep's Clothing: 6 Things To Look Out For

23/06/2021

SIX THINGS TO LOOK OUT FOR Post-Covid economic resurgence saw an increase in international work opportunities. With skills in hand, many South African professionals have become sought-after in other countries. As a result, their finances and subsequent taxation have come under scrutiny. However, along with the awareness of tax complications, another threat has emerged. Financial...

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Planning for Exit

21/06/2021

With the world’s recent and continuing lockdowns, in view of the ever-present Covid-19 pandemic, more and more South Africans are considering moving abroad (or having their children move abroad). “Work from anywhere” is the theme of the day and, while this seems a simple enough endeavour in theory, in reality there are many concerns which...

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Recent Changes To Financial Emigration Leaves Banks In The Dark

17/06/2021

“From blocked accounts, to financial freedom, and back to blocked accounts.” Lovemore Ndlovu SARS and South African Reserve Bank Specialist On Thursday 3 June 2021, SARS issued its guidance on what ceasing South African tax residency involves, by posting its “Cease to be a Resident” webpage. This is a welcome initiative that may clear up...

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Through the Looking Glass: SARS Audits on Offshore Assets

14/06/2021

South Africa has a history of taxpayers making use of offshore structures in order to conceal their assets and income. Taxpayers have long believed that these arrangements were beyond SARS’ reach, but will they stand the test of time? While many South Africans have previously disclosed their offshore assets under the tax and exchange control...

A close-up of a broken metal chain link, symbolizing severance or breaking free.

Declaration Of Cease To Be A Tax Resident

08/06/2021

SARS issued a guideline for taxpayers who want to cease South African tax residence. The guideline confirms that ceasing tax residency of South Africa is not a box ticking exercise. On Thursday 3 June 2021, SARS issued its guidance on what ceasing South African tax residency involves, by posting its “Cease to be a Resident”...

Stacks of South African 100 Rand banknotes bundled with rubber bands on a dark surface, glowing in soft light.

Disappearing Exchange Control

07/06/2021

We have seen significant changes and adjustments to the exchange control policies with National Treasury steadily reducing exchange controls for individuals seeking to send money abroad, particularly in the last 15 odd years. The most dramatic changes were implemented early this year where we saw National Treasury follow through with their proposed plans as per...

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LATEST NEWS

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

5 Top Tips For Expats To Make Themselves Tax Ready

Working Remotely Abroad: Not As Simple As Packing Your Bags And Leaving

Avoid Tax Wolves In Sheep's Clothing: 6 Things To Look Out For

Planning for Exit

Recent Changes To Financial Emigration Leaves Banks In The Dark

Through the Looking Glass: SARS Audits on Offshore Assets

Declaration Of Cease To Be A Tax Resident

Disappearing Exchange Control

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