As the South African Revenue Service (SARS) intensifies its focus on the tax compliance of high net-worth individuals (HNWI), a self-governing island nation located in the Irish Sea has steadily emerged as an appealing emigration destination for prospective South African expatriates.
What Are The New Rules? Since the announcement by Treasury effective 1 March 2021 to the process of Financial Emigration and ceasing ones tax residency, the transfer of funds offshore for expatriates (emigrants as known under exchange control), has in some regards become more flexible, in terms of allowing you more than one authorised dealer, […]
Government is regulating cryptocurrency this year and testing an official government cryptocurrency. What does this mean for crypto tax? The South African Reserve Bank (SARB) is encouraging more engagement with the fintech industry in South Africa to enable the introduction of distributed ledger technology (DLT) into financial markets.
Issue This ruling provides direction relating to the way casinos must account for VAT in respect of table games of chance.
Like that found in Yin and Yang, all things must be balanced in life, which rings true even for a competent revenue authority, as the South African Revenue Service (“SARS”) has demonstrated over the last fiscal period, with Commissioner Kieswetter stating that “we strive to balance the trade-off between taxpayer service and risk management”.
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.