Latest South African Emigration News & Tax Insights

Antique bronze keyhole on a dark, textured background, symbolizing a financial lock-in or restriction.

PRESIDENT RAMAPHOSA SIGNS 3 YEAR RETIREMENT FUND LOCK-IN INTO LAW

28/01/2021

The President, on 15 January 2021, assented to the Taxation Laws Amendment Act No. 23 of 2020 (“TLAA”), which was subsequently promulgated on 20 January 2021. Despite the blow back last year on the proposed amendment to the withdrawal of retirement funding in SA based on emigration, this amendment has now been signed into law...

Person writing on a document, with a gavel and legal books on a desk, suggesting legal work or tax legislation.

RELIEF FOR EXPATS CONFIRMED WITH PROMULGATION OF TAX LEGISLATION

28/01/2021

South African expatriates have been kept in suspense regarding a proposed law change aimed at providing relief to those who could not leave the country under lockdown. This amendment was confirmed with the promulgation of the Taxation Laws Amendment Act No. 23 of 2020 (“TLAA”) on 20 January 2021, which means these expatriates can now...

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2020 TAX PROPOSALS SIGNED INTO LAW – 10 KEY CHANGES

26/01/2021

10 KEY CHANGES The President has given effect to the 2020 tax proposals by signing three tax Acts into law. On 15 January 2021, the President gave his assent to the Rates and Monetary Amounts and Amendment of Revenue Laws Act No. 22 of 2020 (“Rates Act”), the Taxation Laws Amendment Act No. 23 of...

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SARS IS AWARE OF YOUR OFFSHORE ASSETS

20/01/2021

The days where SARS shuts its eyes to taxpayers’ offshore holdings are thing of the past. SARS is finally utilising the Automatic Exchange of Information regime to pin down taxpayers who have not disclosed their offshore interests and numerous taxpayers have already received some alarming notices to this effect. The notice The notice informs the...

Man in suit examining a document with a magnifying glass, symbolizing audit, tax compliance, or financial review.

LAST CHANCE FOR SA EXPATRIATES TO COME CLEAN WITH SARS

12/01/2021

South Africans living or working abroad can no longer avoid the long arm of SARS. Under pressure to meet its revenue quotas, the tax authority has started auditing the country’s non-compliant expatriates in earnest. “We have been warning expatriates that this was coming and now that it’s here, the time for hiding one’s head in...

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MARCH 2021 A WATERSHED FOR RETIREMENT FUNDS IN SOUTH AFRICA: 5 THINGS YOU NEED TO KNOW

22/12/2020

5 THINGS YOU NEED TO KNOW 1 March 2021 marks a watershed for retirement funds in South Africa, says Jean du Toit, attorney and head of tax technical at Tax Consulting South Africa. Most are focussed on the annuitisation rules that have been pending since 1 March 2015, otherwise known as ‘T-day’. While these reforms...

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SUCCESSFULLY NAVIGATING IMPORTANT SOUTH AFRICAN GOVERNMENT DOCUMENT RENEWALS WHILE LIVING ABROAD

15/12/2020

As a South Africa working and living abroad, there is nothing more frustrating than incessant delays on applications for new and/or renewals of South African Government-issued documentation (referred to as “Civic services”). The delays are often attributed to a lack of robust digital privacy and security protocols in place, with Government departments moving at a...

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TAXATION LAWS AMENDMENT BILL PROVIDES RELIEF FOR SOUTH AFRICAN EXPATS “TRAPPED” DURING LOCKDOWN

11/11/2020

On 13 October 2020, National Treasury and SARS published their responses on the Draft Taxation Laws Amendment Bill (“TLAB”), which included potential relief for South African expatriates who were unable to leave South Africa owing to the Covid-19 lockdown. This relief provided for reduced days in terms of the requirements of the foreign employment exemption,...

A hand in a suit jacket presses an official stamp onto a document, symbolizing government approval or certification.

SOUTH AFRICAN GOVERNMENT ISSUED CERTIFICATES 101: WHAT YOU NEED TO KNOW

04/11/2020

The protracted lockdown in South Africa resulted in the Department of Home Affairs (“DHA”) offering limited emergency services. South African citizens and permanent residents seeking Civic Services such as unabridged birth and marriage certificates were left frustrated as existing applications were indefinitely delayed. Even now that Civic Services have resumed post-lockdown, the backlog has created...

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TREASURY AND SARS OUTLINE NEW TAX CHANGES FOR SOUTH AFRICA

16/10/2020

National Treasury has responded to some of the key changes proposed in its Draft Tax Law Amendment Bill (TLAB) and Draft Tax Administration Laws Amendment Bill (Draft TALAB) – including questions around emigration and harsher punishments for taxpayers. Treasury was responding to submissions on the new bills alongside the South African Revenue Service (SARS) in...

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UNEXPECTED TAX RELIEF FOR EXPATRIATES “STUCK” IN SOUTH AFRICA

14/10/2020

South African expatriates who were unable to leave South Africa on account of the lockdown will be relieved to learn that the requirements of the foreign employment exemption (Section10(1)(o)(ii)) will be relaxed. On 13 October 2020, National Treasury and SARS published their draft Response Document on the latest tax Bills, wherein the unexpected proposal was...

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NATIONAL TREASURY CONFIRMS EMIGRANT RETIREMENT 3 YEAR CAPTURE

14/10/2020

South Africans who have emigrated or plan to permanently leave South Africa have until 28 February 2021, just over four months from now, to effect financial emigration. National Treasury has laid down the new law and made it clear - the consequence otherwise is your retirement money will be locked in for three years, you...

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LATEST NEWS

PRESIDENT RAMAPHOSA SIGNS 3 YEAR RETIREMENT FUND LOCK-IN INTO LAW

RELIEF FOR EXPATS CONFIRMED WITH PROMULGATION OF TAX LEGISLATION

2020 TAX PROPOSALS SIGNED INTO LAW – 10 KEY CHANGES

SARS IS AWARE OF YOUR OFFSHORE ASSETS

LAST CHANCE FOR SA EXPATRIATES TO COME CLEAN WITH SARS

MARCH 2021 A WATERSHED FOR RETIREMENT FUNDS IN SOUTH AFRICA: 5 THINGS YOU NEED TO KNOW

SUCCESSFULLY NAVIGATING IMPORTANT SOUTH AFRICAN GOVERNMENT DOCUMENT RENEWALS WHILE LIVING ABROAD

TAXATION LAWS AMENDMENT BILL PROVIDES RELIEF FOR SOUTH AFRICAN EXPATS “TRAPPED” DURING LOCKDOWN

SOUTH AFRICAN GOVERNMENT ISSUED CERTIFICATES 101: WHAT YOU NEED TO KNOW

TREASURY AND SARS OUTLINE NEW TAX CHANGES FOR SOUTH AFRICA

UNEXPECTED TAX RELIEF FOR EXPATRIATES “STUCK” IN SOUTH AFRICA

NATIONAL TREASURY CONFIRMS EMIGRANT RETIREMENT 3 YEAR CAPTURE

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