A word of warning to all “finance professionals”, including tax practitioners, accountants, and specialist attorneys – Professional Indemnity Insurance can only cover you to a certain extent, and that does not include evading jail-time should the South African Revenue Service (“SARS”) deem fit.
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 […]
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.
Finance professionals and clients alike, have for years assumed the media releases focused on eradicating non-compliance in South Africa, have been nothing more than fear mongering by the South African Revenue Service (“SARS”), bolstered by media hype.
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 […]
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 […]
In 2022, the South African Revenue Service (“SARS”) demonstrated its increased focus on revenue collection and compliance, specifically pertaining to High-Net-Worth Individuals (“HNWIs”). Their purview extends to wealthy South Africans abroad who remain tax residents of South Africa as well as those in the process of financially emigrating whilst retaining assets and interests in South […]