Many South Africans work and live in Zambia because it is a favourable mining, construction, and agricultural African destination. Some of these South Africans have either temporarily or permanently made the move to Zambia without following the correct emigration procedures to mitigate their tax exposure in South Africa.
The most contentious proposal introduced by the 2021 Draft Tax Bills is arguably the tax on retirement interests when a person ceases tax residency. The proposed tax has widely been christened as a further “exit tax” imposed on South Africans leaving the country. However, based on responses by the Minister of Finance to a written […]
South Africa’s exchange control regime has relaxed considerably over the last few years, but the most recent amendments have created widespread confusion around the definition of non-residency for exchange control purposes.
Whether working abroad or still hunting for jobs overseas, the possibility of a financial emigration always hits centre stage at some point.
There is an alarming number of South African expatriates relying on the ‘tick-box’ approach to cease their tax residency. Alternatively, others assume that they are no longer tax residents because they reside outside South Africa or do not maintain assets in South Africa. These misconceptions flow from the shady advice that expatriates continue to receive.
As the financial emigration process moves into a new era, the Tax Consulting Group is still fighting for all taxpayers under the old financial emigration regime to ensure they are not discarded. As for the current taxpayers we are in the process of trying to make the transition as smooth as possible.
On 10 September 2021, Mauritius officially reopened its borders to South Africans, ending the 18-month travel ban imposed on SA visitors. The Mauritius Tourism Promotion Authority (MTPA) openly welcomed South African tourists back to the Mauritius shores, which is a token of the relationship between the two countries.
The Standing Committee on Finance held public parliamentary hearings on 31 August 2021 regarding the proposals contained in the Draft 2021 Tax Bills. One of the most hotly debated items on the agenda was the proposal to tax retirement interests where South Africans cease their tax residency. During the public hearings it became evident that […]
Citizenship planning has become an important element of every financial plan. Today investors are incorporating the benefits of citizenship planning in their estate planning, retirement planning, legacy planning and tax planning.
South Africans living abroad should be aware of the seriousness with which SARS is dealing with non-compliance. Provided that you are working abroad and have not ceased your tax residency, while not filing tax returns or declaring your foreign income, you are most likely non-compliant.
Reporting Requirements for Ceasing South African Tax Residency11/20/2024 - 07:53
Financial Emigration: Legal and Compliance Considerations11/13/2024 - 08:55
Expatriates Navigating the Complexities of Tax Filing Before the Deadline10/18/2024 - 07:14
Navigating Inheritance: Key Considerations for South African Expatriates10/16/2024 - 09:58
Contemporary Financial Emigration Myths and Misconceptions10/15/2024 - 09:02