South Africans who are moving money and assets offshore must keep in mind that the foreign financial institutions they are investing with are obligated to share the taxpayer’s investment information with the South African Revenue Service (“SARS”).
Suid-Afrikaners wat geld en bates oorsee skuif, moet in gedagte hou dat die buitelandse finansiële instellings by wie hulle belê, verplig is om die belastingbetaler se beleggingsinligting met die Suid-Afrikaanse Inkomstediens (“SAID”) te deel.
A recent survey conducted by the Professional Partner Network (PPN), a division of Tax Consulting South Africa, revealed an alarming trend in the tax profession.
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 […]
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 […]
The SARS Commissioner, Mr. Kieswetter, appears to be operating on the ethos of actions speak louder than words. He has forewarned that SARS is overhauling and restoring their capacity to take on the big boys and any rogue tax advisors who “sell” aggressive tax advice.
Having visited over 12 international locations in 2022, and engaging with South African expatriates, we can attest to a recent report issued by the United Nations which found that around 900 000 South Africans are already living and working overseas – and indeed, this may well be an understatement.
What is a Tax Diagnostic Report? A tax diagnostic can be thought of as a thorough examination of your historic tax matters on your SARS profile that will give a comprehensive overview of your tax standing, history and current state of tax compliance. This is the framework in which a qualified tax advisor analyzes your […]
Long gone are the days when tax fraudsters could run circles around the South African Revenue Service (“SARS”). Recently, SARS has intensified its efforts to crack-down on tax evasion, by pursuing criminal action against non-compliant taxpayers.
Tax Consulting South Africa has joined forces with The Good People Data Company to take the pain out of property practitioner compliance. “Our tax and legal expertise, offered as an integral function of The Good People’s Cloud-based property practice management and analytics platform, creates a seamless compliance experience,” says Jashwin Baijoo, Legal Manager: Africa Tax […]