Latest South African Emigration News & Tax Insights

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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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Reaffirming The Rules – SARS Disputes And The High Court

06/04/2023

Under the original section 105 of the Tax Administration Act, 28 of 2011 (“the TAA”), taxpayers could elect to dispute a “decision” by application to the High Court for review. This was, however, amended in 2015, to make it clear that a “decision” by SARS may only be disputed per the objection and appeal procedures,...

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Need-To-Know Advice For High-Net-Worth SA Families Considering Emigrating To The US

13/03/2023

Many high net worth (HNW) individuals and families, as well as qualified professionals, are seriously considering emigrating from South Africa to the US. Whether it is for work or to escape the country's poor economic conditions and dwindling wealth opportunities, it's a life-altering decision that shouldn't be taken lightly. Or rushed into without the right...

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Deregistration - Is It The Answer To Breaking All Ties With SARS?

08/03/2023

For expatriates who have decided that it is time that they break all ties with South Africa, the process of getting the South African Revenue Service (“SARS”) off your back can be a long, time-consuming affair that can result in many mistakes. With an increasing number of expatriates opting to financially emigrate, the deregistration process...

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Who Why and How – Backdating your Financial Emigration

06/03/2023

South Africa is a tax resident system. Tax residents of South Africa are taxed on worldwide income and South African sourced income. With the full foreign income exemption being capped in March 2020, it is more important than ever for expats, with a permanent intent to reside abroad, to formally cease their residency. Martin Bezuidenhout...

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LATEST NEWS

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

Reaffirming The Rules – SARS Disputes And The High Court

Need-To-Know Advice For High-Net-Worth SA Families Considering Emigrating To The US

Deregistration - Is It The Answer To Breaking All Ties With SARS?

Who Why and How – Backdating your Financial Emigration

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