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. The old regime…
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. This sigh of relief comes at a…
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. Citizenship planning is also unique for every investor. An investor needs to consult with their immigration expert, Tax Lawyer, accountant, or wealth advisor to…
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. Non-compliancy with SARS will result in written demands and in…
SARS’ CURRENT CHALLENGES 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. However, individuals are struggling to successfully encash their policies through the…
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. This initiates the criminal justice process. A case docket is then forwarded to the National Prosecuting Authority (NPA), where their Special Tax Unit prosecutors…
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. James Fouche Writer/Journalist They have backed this threat by issuing a series of summonses on those who are suspected of contravening SA tax laws. The media was quick to report on…
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. Chris Nel Tax and Investment Specialist, CFP® Professional The survey results showed that 75%…
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…
