Latest South African Emigration News & Tax Insights

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Mauritius Is Making Residency Even More Attractive For South Africans

29/09/2021

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...

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Government Faces Several Obstacles in Imposing Exit Tax on Retirement Interests

29/09/2021

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...

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Pathway To European Citizenship

23/09/2021

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...

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Living Abroad? SARS Is Stepping Up Their Prosecuting Game

20/09/2021

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...

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Policy Withdrawals After Financial Emigration – SARS’ Current Challenges

14/09/2021

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...

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SARS’ Role In The Criminal Justice System

08/09/2021

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...

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Is SARS Doing Selective Prosecution Of Tax Offenders?

06/09/2021

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...

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Industry Survey Evidences The Immense Impact Of Proposed Retirement Fund Changes On South Africans Abroad

02/09/2021

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%...

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South Africans Abroad Take Note: Taxpayers With Outstanding Returns Summoned To Face Criminal Charges

25/08/2021

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...

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Start Planning Around The Additional Exit Tax Before It’s Too Late

25/08/2021

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. Susan Warren Insurance Specialist, CFP® Professional It has enjoyed a lot of scrutiny over the last couple of weeks – and rightfully so. The revelation of...

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Finance Industry Experts Left Scratching Their Heads About New Draft Tax Bill

23/08/2021

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...

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Is The New Exit Tax Constitutional?

17/08/2021

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...

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LATEST NEWS

Mauritius Is Making Residency Even More Attractive For South Africans

Government Faces Several Obstacles in Imposing Exit Tax on Retirement Interests

Pathway To European Citizenship

Living Abroad? SARS Is Stepping Up Their Prosecuting Game

Policy Withdrawals After Financial Emigration – SARS’ Current Challenges

SARS’ Role In The Criminal Justice System

Is SARS Doing Selective Prosecution Of Tax Offenders?

Industry Survey Evidences The Immense Impact Of Proposed Retirement Fund Changes On South Africans Abroad

South Africans Abroad Take Note: Taxpayers With Outstanding Returns Summoned To Face Criminal Charges

Start Planning Around The Additional Exit Tax Before It’s Too Late

Finance Industry Experts Left Scratching Their Heads About New Draft Tax Bill

Is The New Exit Tax Constitutional?

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