Start Planning Around The Additional Exit Tax Before It’s Too Late
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.
Finance Industry Experts Left Scratching Their Heads About New Draft Tax Bill
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 […]
Is The New Exit Tax Constitutional?
The 2021 Draft Tax Bills published proposed the introduction of a tax on the retirement interests of those who cease their South African Tax Residency. It means a new section will be inserted in the Income Tax Act that would take effect from 1 March 2022. The new Exit Tax may very well lead to […]
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.
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.
