South Africa Welcomes Foreign Property Investment Despite Widespread Global Restrictions
In the midst of growing international restrictions on foreign property investors, South Africa remains a welcoming haven to these buyers.
SARS Focuses on International Tax with 52 Fresh Vacancies Ahead of Budget Speech
In the lead up to South Africa’s budget speech in February 2023, the South African Revenue Service (SARS) has announced the addition of 52 new vacancies to its staff. The positions listed all hint to new changes which may affect expats living and working outside of South Africa. Whilst this is a seemingly positive development on the surface, […]
The Importance Of An Exit Roadmap And Financial Strategy When Emigrating
With the ongoing global skills shortage and South Africans being highly sort after, many individuals are choosing to Financially Emigrate with the aim of starting a life abroad. However, this decision should not be taken lightly and requires a well thought-out road map and exit strategy.
Your South African Retirement Savings And Their Tax Implications
The National Treasury and SARS have introduced many changes to the treatment of South African retirement vehicles which have often resulted in adverse tax implications and penalties for early withdrawals, or strict rules and regulations applied. The aim of this was to incentivise South Africans to be more forward thinking and to encourage the provisioning […]
January 23 Deadline Causing Headaches For Provisional Taxpayers
The recent announcement that the deadline for provisional taxpayers has been brought forward to 23 January 2023 is causing confusion. “Some provisional taxpayers have mistaken this to mean that their second provisional tax submission is due sooner this year, but this is incorrect,” says Nicolas Botha, Tax Team Compliance & Processing Manager at Tax Consulting […]
Voluntary Compliance Encouraged By SARS
In a media statement dated 30 November 2022, the South African Revenue Service (“SARS”) stated that they are encouraging all taxpayers who may be in default on their tax affairs to approach SARS via the Voluntary Disclosure Programme (“VDP”). By coming forward willingly, said taxpayers will receive the help and advice from SARS to expedite […]
SARS’ Sherlock Holmes Approach to Foreign Income
The number of South Africans earning income abroad has continuously been on the rise. The majority percentage of the South African Revenue Service’s (SARS) tax collections have also consistently been from personal income. These two factors combined, in the context of our residency-based tax system, has massively piqued the interest of our revenue service in […]
Flying Towards A Tax Saving_Double Tax Agreement Or Financial Emigration
The common misconception amongst expatriates, however, is that getting on a plane and leaving South Africa will trigger the South African Revenue Service (“SARS”) to automatically regard them as non-resident taxpayers. This is certainly not the case, as the correct process must be followed to cease one’s South African tax residency status. If not, SARS […]
SARS’ Smoking Gun? Estimated Tax Assessments through Lifestyle Audits
Lifestyle audits were initiated by SARS back in 2007, however actual action earnestly began only a few years ago with the arrival of SARS Commissioner Edward Kieswetter. These audits are conducted when SARS suspects that the taxpayer is not declaring all his or her income and thus is underpaying the factual tax due.
In the News
Understanding and Changing Your Tax Residency Status in South Africa12/02/2024 - 14:00
Avoid nasty tax surprises by checking your tax residency status with SARS11/26/2024 - 12:23
Reporting Requirements for Ceasing South African Tax Residency11/20/2024 - 07:53
Financial Emigration: Legal and Compliance Considerations11/13/2024 - 08:55
Expatriates Navigating the Complexities of Tax Filing Before the Deadline10/18/2024 - 07:14