Decoding Expat Tax
Expatriate tax is complex, intricate and can be challenging to understand – especially if one does not have the basics, such as what is an expat, down pat.
Splitting the Difference: New Rules for Taxpayers Ceasing Tax Residency
On 31 July 2023, National Treasury published the new draft tax law amendment bills for public comment. The public can submit their comments on the proposed amendments until the close of business on 31 August 2023. Whilst a number of the proposed amendments will not impact the average taxpayer, expatriates – specifically those who have […]
Shades of Grey: SARS Clearances and Greylisting
The greylisting of South Africa by the Financial Action Task Force (FATF), due to concerns about the country’s anti-money laundering efforts, has had significant consequences for individuals and businesses operating within South Africa. One of the key impacts of greylisting is the increased scrutiny of cross-border financial transactions, particularly with the remittance of funds out […]
“Exit Tax”: Detrimental or Desirable; What You Need to Know
When pursuing international career growth, and offshore employment, be aware that moving your person, without the requisite paperwork, will have you scoring bonuses in Belgium, but still subject to SARS in South Africa. In order to ensure optimal taxation, South Africans abroad must make use of either the Double Tax Agreement or Financial Emigration process […]
5 Reasons South Africans Consider a Second Passport
The Henley & Partners, in collaboration with Tax Consulting South Africa, hosted their annual roadshow in May 2023 on the topic of ‘Investment Migration Is More Than Just a Plan B.’. This again highlights the reasons why South Africans are considering getting a second passport.
The Market Has Spoken: Experienced Hands Needed to Navigate SARS’ Enhanced AIT
The market saw mixed reactions following the implementation of the enhanced Approval of International Transfers (AIT) process on 24 April 2023.
The Cost of Non-Compliance – SARS’ Shrapnel Knows No Borders
SARS has made it easier to clamp down on individuals it deems as “sophisticated taxpayers”, specifically those with the ability “to apply for more than the yearly R1 million single discretionary allowance”. This is per the SARS media statement on 3 May 2023, and is one of the reasons given for the new Approval for […]
New AIT Enhancements Not to be Taken Lightly
On 24 April 2023, the new enhanced Tax Clearance Status System, was introduced, this being the Approval for International Transfer, or AIT application, as it has been coined. Without much fanfare, SARS’ immediate implementation of this new process may have come as a shock to the market, generating some uncertainty amongst financial professionals.
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 […]
In the News
All must be in order with the Tax Man to ensure you can smoothly transfer funds overseas17/01/2025 - 09:23
Worried about your assets when you break tax ties with South Africa, here are some tips.13/12/2024 - 09:15
Understanding and Changing Your Tax Residency Status in South Africa02/12/2024 - 14:00
Avoid nasty tax surprises by checking your tax residency status with SARS26/11/2024 - 12:23
Reporting Requirements for Ceasing South African Tax Residency20/11/2024 - 07:53