Effective 1 March 2021, the South African Reserve Bank (SARB) removed themselves from the process of Financial Emigration. The move was gladly welcomed by Authorised Dealers (banks), as this took away the burdensome process banks had to follow guided by Exchange Control Rulings.
Commissioner for the SARS v SAV South Africa (Pty) Ltd (SARSTC-IT-25117) (18 November 2021) Issue The issue in this matter was whether the step followed by the taxpayer in launching a default judgment application constituted an irregular step in terms of rule 30 of the Uniform Rules of Court (“the Rules”).
With various countries closing their borders since the inception of the COVID-19 pandemic, the Netherlands has emerged as one of the new frontrunners as a destination for emigrating South African to further their careers.
Numerous South African taxpayers are unaware of their tax status in South Africa and what steps need to be taken to remain compliant with the South African Revenue Service (“SARS”). To add to this, there exist confusion and misconceptions surrounding expat tax where taxpayers are advised that they are compliant, but this is in most […]
Factual Background Barnard Labuschagne Incorporated (“BLI”), a firm of attorneys, filed returns (and therefore self-assessments) in respect of its tax liability for VAT and employees’ tax. BLI regarded the tax liability amounts set out in these self-assessments as correct and therefore contended that it had subsequently made payment of this tax liability to SARS.
The proverb still rings true – you can lead a horse to water, but you cannot make it drink. In this case, despite the South African Revenue Service’s (“SARS”) referral of criminal taxpayers to the National Prosecution Authority (“NPA”) as well as the Zondo Commission’s damning findings levied against various high-profile persons, it appears that […]
In what is increasingly being considered a watershed year for the evolution of cryptocurrency regulation in South Africa, the South African Revenue Service (SARS) is quietly but meticulously accreting the details of South Africans invested in crypto assets with a view to dropping the hammer on tax non-compliance.
There is developing trend where tax practitioners and taxpayers alike cry “fear-mongering” where media releases caution against non-compliance, despite numerous statements by the South African Revenue Service (“SARS”) noting a zero-tolerance approach to any form of, wilful or negligent, non-compliance.
Cryptocurrency has been gaining momentum in South Africa and the South African government has made it clear, in the 2022 Budget Speech, that they are taking it very seriously.
It is clear from Finance Minister Enoch Godongwana’s 2022 Budget Speech is that SARS will strongly enforce the law against wealthy taxpayers. In order to detect non-compliance or fraud, especially with the existence of unexplained wealth, it is proposed that all provisional taxpayers with assets above R50 million be required to declare specified assets and liabilities […]