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GOVERNMENT WITHDRAWS PROPOSAL TO IMPOSE EXIT TAX ON RETIREMENT INTERESTS Expatriates and those with plans to emigrate will be relieved to learn that the proposal to impose an exit tax on retirement interests will be withdrawn. Jean du Toit Head of Tax Technical READ MORE Featured in In presenting their Draft Response Document on the […]

SARS AND NATIONAL TREASURY HAVE GONE QUIET ON EXPATS. WHAT’S BREWING? SARS Commissioner Edward Kieswetter introduced Natasha Singh as the first director of SARS’s new specialised segment targeting high net worth individuals. Singh’s appointment is considered as strategically essential in terms of ensuring compliance with affluent individuals who have complex financial arrangements. Victoria LancefieldGeneral Manager

ZERO HOUR EXPAT TAX RETURNS DUE THIS FILING SEASON The past two years have been a journey into unchartered waters for all, and a particularly tense time as far as South African expatriates are concerned. For many expats, more and more questions have been left unanswered as this filing season, and the tax filing period

EMIGRATION EXPO ARE YOU COMING BACK? Tax Consulting SA and Xpatweb were exhibitors at the Durban leg of The Emigration Expo. While fielding questions, it was evident that many people are interested in working and living offshore, but they seem unsure where to start. All their questions and concerns can be compiled into three groups.

ARE YOUR OFFSHORE INVESTMENT STRUCTURES COMPLIANT WITH SARS? SARS Commissioner Edward Kieswetter introduced Natasha Singh as the first director of SARS’s new specialised segment targeting high net worth individuals. Singh’s appointment is considered as strategically essential in terms of ensuring compliance with affluent individuals who have complex financial arrangements. Melanie BrowneSARS & Financial Emigration Specialist

LIVING THE ZAMBIAN DREAM SOUTH AFRICA HASN’T FORGOTTEN ABOUT YOU Many South Africans work and live in Zambia because it is a favourable mining, construction, and agricultural African destination. Some of these South Africans have either temporarily or permanently made the move to Zambia without following the correct emigration procedures to mitigate their tax exposure

IS THE PROPOSED TAX ON RETIREMENT INTERESTS AN “EXIT TAX”? The most contentious proposal introduced by the 2021 Draft Tax Bills is arguably the tax on retirement interests when a person ceases tax residency. The proposed tax has widely been christened as a further “exit tax” imposed on South Africans leaving the country. However, based

THE GLITCH IN OUR NEW RESIDENCY-BASED SYSTEM South Africa’s exchange control regime has relaxed considerably over the last few years, but the most recent amendments have created widespread confusion around the definition of non-residency for exchange control purposes. Sthembile MkhizeExpatriate Tax Specialist (LLB) READ MORE In particular: When is a person non-resident for exchange control

FINANCIAL EMIGRATION SHOULD I STAY, OR SHOULD I GO? Whether working abroad or still hunting for jobs overseas, the possibility of a financial emigration always hits centre stage at some point. Reinert van RensburgExpatriate Tax Specialist(BCom Law & LLB) READ MORE Featured in Tax is inherently complex, but once you start crossing borders it becomes

AVOID TAX WOLVES IN SHEEP’S CLOTHING SIX 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