The South African Reserve Bank (SARB) may no longer be a visible part of the process to cease residency in South Africa. However, when it comes to moving money out of the country during or after emigration, the Reserve Bank is still very much involved. This is especially true for amounts above R10 million.
In the weeks following the announcement of SARS’ enhanced Approval of International Transfers (AIT) process Tax Consulting South Africa hosted technical training sessions for several SARS-recognised controlling bodies. To date, this has included the South African Institute of Taxation, the Financial Planning Institute of Southern Africa, and the South African Institute of Professional Accountants.
With no fanfare or any prior notification, on 24 April 2023, SARS released new enhancements to the Tax Compliance Status (TCS) process, and with immediate effect. These changes will be directly felt by specific taxpayers seeking to transfer funds out of South Africa and will effectively change the ball game for those who have ceased […]
South Africans living abroad need to be mindful of the impact that this has on their tax obligations and ultimately, which country has a taxing right. Your tax obligation ultimately depends on your tax residency status.
There may be a strange game of chess being played with taxpayers who are trying to cease their South African tax residency, with the result of keeping them “trapped” as tax residents for no legitimate reason.
In the midst of growing international restrictions on foreign property investors, South Africa remains a welcoming haven to these buyers.
In the lead up to South Africa’s budget speech in February 2023, the South African Revenue Service (SARS) has announced the addition of 52 new vacancies to its staff. The positions listed all hint to new changes which may affect expats living and working outside of South Africa. Whilst this is a seemingly positive development on the surface, […]
With the ongoing global skills shortage and South Africans being highly sort after, many individuals are choosing to Financially Emigrate with the aim of starting a life abroad. However, this decision should not be taken lightly and requires a well thought-out road map and exit strategy.
The National Treasury and SARS have introduced many changes to the treatment of South African retirement vehicles which have often resulted in adverse tax implications and penalties for early withdrawals, or strict rules and regulations applied. The aim of this was to incentivise South Africans to be more forward thinking and to encourage the provisioning […]
The recent announcement that the deadline for provisional taxpayers has been brought forward to 23 January 2023 is causing confusion. “Some provisional taxpayers have mistaken this to mean that their second provisional tax submission is due sooner this year, but this is incorrect,” says Nicolas Botha, Tax Team Compliance & Processing Manager at Tax Consulting […]
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