Tax Bills Propose Additional Exit Tax Under New Section 9HC
When ceasing their South African tax residency, taxpayers are subject to an ‘exit tax’ which forms part of the emigration process.
Author Archive for: Financial Emigration
Entries by Financial Emigration
SARS System Enhancements Enforce Tax Compliance
Over the last couple of years, SARS has systematically increased their manpower to better orchestrate taxation processes, as well as their investigative procedures. They have also allocated R3 billion towards improving their technological and information-gathering infrastructure, which will aid in tightening the noose around individuals with undeclared foreign-earned income or cryptocurrency tax evaders.
Tax Bills Propose Additional Exit Tax On Emigrating South Africans
National Treasury published the latest Draft Tax Bills on 28 July 2021, which incorporate the tax proposals made in the 2021 Budget.
New Tax Bills Published: Five Key Proposals
National Treasury published the latest Draft Tax Bills on 28 July 2021, which incorporate the tax proposals made in the 2021 Budget. Highlighted below are 5 key changes proposed by Government that taxpayers need to be aware of.
5 Top Tips For Expats To Make Themselves Tax Ready
Adding to the challenges of 2020, the South African Revenue Services (SARS) announced that it did not make its annual budget.
Working Remotely Abroad: Not As Simple As Packing Your Bags And Leaving
Remote work has become the norm for many employees and professionals alike. Along with the growth of the ‘gig’ economy, which surged during the Covid-19 pandemic, the most remarkable change is the flexibility and mobility of remote working employees, who can criss-cross the country and global borders without taking a day’s leave.
Avoid Tax Wolves In Sheep’s Clothing: 6 Things To Look Out For
Post-Covid economic resurgence saw an increase in international work opportunities. With skills in hand, many South African professionals have become sought-after in other countries. As a result, their finances and subsequent taxation have come under scrutiny. However, along with the awareness of tax complications, another threat has emerged.
Planning for Exit
With the world’s recent and continuing lockdowns, in view of the ever-present Covid-19 pandemic, more and more South Africans are considering moving abroad (or having their children move abroad).
Recent Changes To Financial Emigration Leaves Banks In The Dark
“From blocked accounts, to financial freedom, and back to blocked accounts.”
Through the Looking Glass: SARS Audits on Offshore Assets
South Africa has a history of taxpayers making use of offshore structures in order to conceal their assets and income. Taxpayers have long believed that these arrangements were beyond SARS’ reach, but will they stand the test of time?
In the News
Don’t be misled: No waiting period for SA expats who want to cease tax residency25/03/2025 - 19:07
Understanding South Africa’s Exit Tax and the Proposed Tax on Retirement Interests25/03/2025 - 09:10
Talk of a Wealth Tax in South Africa is just not going away05/03/2025 - 10:42
South Africa’s Financial Future in Limbo – Should You Exit Now?01/03/2025 - 08:11
2025 Budget Speech: August House Adjourned – Is it time to make the move?24/02/2025 - 08:17