Expat spouses are likely to accompany their partners when they relocate for work. However, their hopes of also getting work are often dashed because their spousal visas prohibit them from working in that country. They soon find themselves pinned down in a foreign country while their careers are placed on hold.
Following deliberation with members of the public, National Treasury recently released its official response to the Parliamentary submissions on their proposed Draft Tax Bills. Among other things, Treasury noted that they would withdraw a controversial amendment that would have been problematic for South African expatriates contemplating emigration.
Expatriates and those with plans to emigrate will be relieved to learn that the proposal to impose an exit tax on retirement interests will be withdrawn.
National Treasury’s latest published Draft Tax Bills incorporated the contentious additional “exit tax”, which proposed to tax retirement fund interests of individuals when they cease South African tax residency.
The past two years have been a journey into unchartered waters for all, and a particularly tense time as far as South African expatriates are concerned. For many expats, more and more questions have been left unanswered as this filing season, and the tax filing period draws to a close on 23 November.
Tax Consulting SA and Xpatweb were exhibitors at the Durban leg of The Emigration Expo. While fielding questions, it was evident that many people are interested in working and living offshore, but they seem unsure where to start. All their questions and concerns can be compiled into three groups.
SARS Commissioner Edward Kieswetter introduced Natasha Singh as the first director of SARS’s new specialised segment targeting high net worth individuals. Singh’s appointment is considered as strategically essential in terms of ensuring compliance with affluent individuals who have complex financial arrangements.
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.
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