SARS’ New Process for Emigration and Foreign Investment Allowance
The South African Revenue Service (“SARS”) introduced the new Approval for International Transfer (“AIT”) process on 24 April 2023, which requires a significant change in disclosure for South Africans taking money abroad.
FPI Event Sheds Light on SARS’ Tax Compliance Status Process Change
Since the South African Revenue Service (SARS) announced the changes to the Tax Compliance Status (TCS) process, the media has been abuzz. To cut through this noise, Tax Consulting South Africa and the Financial Planning Institute of South Africa (FPI) held a short webinar on 10 May 2023 unpacking all these changes, with a step-by-step […]
SARS Is Sticking to Its Promise of Dramatically Faster Turnaround Times
The South African Revenue Service (SARS) recently made several changes to its Tax Compliance Status (TCS) process. According to their media statement on 3 May 2023, SARS states that these changes, or “enhancements”, aim to “dramatically improve turnaround times” for compliant taxpayers and traders seeking to transfer funds out of South Africa.
SARS’ New First-Class Tax Clearance System Takes Taxpayers into Unchartered Territory
Taxpayers generally need to obtain confirmation that they are compliant with their tax affairs in South Africa, at some point or another. If you escape this in life, it will generally become your beneficiaries and legatees’ problem on death. Hence the saying, “death and taxes”.
Policy Withdrawals – Navigating the Inconsistencies of Expat Requirements
South Africans abroad face multiple challenges when it comes to withdrawing their retirement policies in South Africa. The most recent being the South African Revenue Services (“SARS”) implementation of the 3-year lock in rule on retirement funds in March 2021. This was further exacerbated by cumbersome requirements and additional administration burden required by policy providers.
Reaffirming The Rules – SARS Disputes And The High Court
Under the original section 105 of the Tax Administration Act, 28 of 2011 (“the TAA”), taxpayers could elect to dispute a “decision” by application to the High Court for review. This was, however, amended in 2015, to make it clear that a “decision” by SARS may only be disputed per the objection and appeal procedures, […]
Need-To-Know Advice For High-Net-Worth SA Families Considering Emigrating To The US
Many high net worth (HNW) individuals and families, as well as qualified professionals, are seriously considering emigrating from South Africa to the US. Whether it is for work or to escape the country’s poor economic conditions and dwindling wealth opportunities, it’s a life-altering decision that shouldn’t be taken lightly. Or rushed into without the right […]
Deregistration – Is It The Answer To Breaking All Ties With SARS?
For expatriates who have decided that it is time that they break all ties with South Africa, the process of getting the South African Revenue Service (“SARS”) off your back can be a long, time-consuming affair that can result in many mistakes. With an increasing number of expatriates opting to financially emigrate, the deregistration process […]
Who Why and How – Backdating your Financial Emigration
South Africa is a tax resident system. Tax residents of South Africa are taxed on worldwide income and South African sourced income. With the full foreign income exemption being capped in March 2020, it is more important than ever for expats, with a permanent intent to reside abroad, to formally cease their residency.
You Still Need SARB Approval When Emigrating
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.
