Latest South African Emigration News & Tax Insights

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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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FPI Event Sheds Light on SARS’ Tax Compliance Status Process Change

15/05/2023

Since the South African Revenue Service (SARS) announced the changes to the Tax Compliance Status (TCS) process, the media has been abuzz. To cut through this noise, Tax Consulting South Africa and the Financial Planning Institute of South Africa (FPI) held a short webinar on 10 May 2023 unpacking all these changes, with a step-by-step...

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SARS Is Sticking to Its Promise of Dramatically Faster Turnaround Times

10/05/2023

The South African Revenue Service (SARS) recently made several changes to its Tax Compliance Status (TCS) process. According to their media statement on 3 May 2023, SARS states that these changes, or “enhancements”, aim to “dramatically improve turnaround times” for compliant taxpayers and traders seeking to transfer funds out of South Africa. Swift turnaround times...

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SARS’ New First-Class Tax Clearance System Takes Taxpayers into Unchartered Territory

05/05/2023

Taxpayers generally need to obtain confirmation that they are compliant with their tax affairs in South Africa, at some point or another. If you escape this in life, it will generally become your beneficiaries and legatees’ problem on death. Hence the saying, “death and taxes”. Nikolas Skafidas Tax Diagnostic Specialist The previous system is well...

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Policy Withdrawals - Navigating the Inconsistencies of Expat Requirements

17/04/2023

South Africans abroad face multiple challenges when it comes to withdrawing their retirement policies in South Africa. The most recent being the South African Revenue Services (“SARS") implementation of the 3-year lock in rule on retirement funds in March 2021. This was further exacerbated by cumbersome requirements and additional administration burden required by policy providers....

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LATEST NEWS

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

FPI Event Sheds Light on SARS’ Tax Compliance Status Process Change

SARS Is Sticking to Its Promise of Dramatically Faster Turnaround Times

SARS’ New First-Class Tax Clearance System Takes Taxpayers into Unchartered Territory

Policy Withdrawals - Navigating the Inconsistencies of Expat Requirements

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