Latest South African Emigration News & Tax Insights

Alarm clock next to growing stacks of gold coins on a wooden surface, symbolizing time and financial growth.

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...

Glass jar filled with US quarters, with a few coins scattered on a wooden table.

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...

Hand adding coin to savings jar; text asks if South Africans working abroad must file tax returns with SARS.

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...

Night city skyline during a severe lightning storm with text: SARS Auto-Assessments Why SA Expats Must Be Fully Compliant.

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...

Sailboat on a serene lake with misty mountains, text: 'SOUTH AFRICAN'S WITH ITCHY FEET THE NEW WORLD POST COVID-19'.

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...

ALL TAXPAYERS BEWARE: 10 POINTS FROM SARS MEDIA RELEASE

08/05/2020

On 5 May 2020, the Commissioner for SARS made a profound media statement, which gave a detailed account of projected revenue collection in light of the COVID-19 crisis, but also gave valuable insight of what we can expect from SARS in coming months. The most important aspects of the address can be unpacked as follows:...

Empty airport waiting area with a row of chairs and planes outside, featuring text about expat taxes and working from home

WORKING FROM HOME: WHAT COVID-19 MEANS FOR TAXES ON EXPATS STUCK IN PLACE

07/05/2020

Following the most recent presidential address, it is clear that South Africa’s borders are going to remain closed for non-essential travel, at least for the time being. This being among the plethora of commitments and measures put in place to prepare for the spread of the coronavirus and save lives. South Africa is not alone...

Open brass padlock with a world map and 'LOCKDOWN' engraved, resting on a blue face mask, with overlay text about new

7 NEW LOCKDOWN RULES INCLUDING SARS OFFICIALS RETURNING TO WORK

07/05/2020

INCLUDING CHANGES FOR CARS, THE CURFEW AND WORKERS Government has published more than a dozen new directives around South Africa’s lockdown regulations since the official introduction of level 4 restrictions on Friday (1 May). These directives seek to clarify issues around the new restrictions as well as how the new rules will impact specific sectors...

Falling Euro coins with text: 'Expatriate Tax Will Be Due Soon - Come Rain or Come Shine'.

COME RAIN OR COME SHINE, EXPATRIATE TAX WILL BE DUE SOON

04/05/2020

Here comes the rain again With 1 March 2020 being the sunrise of the expatriate tax, the first tax payment will become due 31 August 2020. With the first provisional tax payment being due on 31 August 2020, there is some confusion regarding whether expatriates should be provisional taxpayers or not. This confusion is, of...

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LATEST NEWS

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?

ALL TAXPAYERS BEWARE: 10 POINTS FROM SARS MEDIA RELEASE

WORKING FROM HOME: WHAT COVID-19 MEANS FOR TAXES ON EXPATS STUCK IN PLACE

7 NEW LOCKDOWN RULES INCLUDING SARS OFFICIALS RETURNING TO WORK

COME RAIN OR COME SHINE, EXPATRIATE TAX WILL BE DUE SOON

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