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.
There are many reasons why South African tax residents undertake to cease tax residency through the financial emigration process. One of the reasons is that a successful financial emigration provides one with the rare opportunity to fully encash your policy funds.
SARS is mandated through legislation to conduct a criminal investigation if it suspects tax fraud. Once it has been finalised, they register a formal complaint with the South African Police Services.
On numerous occasions, the South African Revenue Service (SARS) has warned that they will be taking on South African taxpayers who have been non-compliant.
The Expatriate Petition Group (“EPG”), who has an active membership of 15,000 South Africans abroad, recently conducted a survey to contextualise the proposed retirement fund changes from the perspective of South African expatriates, specifically in light of other recent legislative amendments.
The National Prosecuting Authority (NPA) is issuing summonses to taxpayers with outstanding tax returns. The Commissioner for SARS, Edward Kieswetter, has promised that they will make life difficult for non-compliant taxpayers, a promise he has kept. Those who decided to ignore his words of caution may soon be summoned to appear in court on criminal […]
On 28 July 2021, National Treasury and the South African Revenue Services (SARS) released the 2021 Draft Taxation Laws Amendment Bill, which will come into effect from March 2022.
It is not uncommon for National Treasury and the South African Revenue Services (SARS) to propose, and subsequently gazette, amendments to the Income Tax Law. It’s also not unheard of that these draft tax law amendment bills will enjoy scrutiny by industry specialists. That is why draft tax bills are open for public comment. Once […]
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Reporting Requirements for Ceasing South African Tax Residency20/11/2024 - 07:53
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