The New R50 Million Asset Disclosure: SARS’ Due Diligence or An Investigative Window?
The South African Revenue Service (SARS) has been hinting at introducing a wealthy individual “specific asset” disclosure for some time – and it is finally here!
Inter-Organisational Eradication of Non-Compliance – Proposed, or Promulgated?
When considering SARS’ well-known “Strategic Intents” one can easily see the implementation of the “Beneficial Ownership Register” by the Companies and Intellectual Property Commission (CIPC) as a precursor for SARS’ international crackdown on non-compliance.
Splitting the Difference: New Rules for Taxpayers Ceasing Tax Residency
On 31 July 2023, National Treasury published the new draft tax law amendment bills for public comment. The public can submit their comments on the proposed amendments until the close of business on 31 August 2023. Whilst a number of the proposed amendments will not impact the average taxpayer, expatriates – specifically those who cease […]
AIT Process Links Non-Compliant Companies to Individuals
Individuals and companies alike have seen increased scrutiny from the South African Revenue Service (SARS) since the greylisting of South Africa (SA) by the Financial Action Task Force (FATF). One key aspect of this has been the introduction of the new complex and document-heavy Approval for International Transfer (AIT) Tax Compliance Status (TCS) process for […]
SARS Nails Taxpayer Based on Bank Information
On 06 July 2023, the High Court handed SARS a big win in CSARS v M (A5036/2023) [2023] and where SARS challenged a taxpayer that what was on their tax return and bank account did not match. It is general knowledge that SARS knows everything in your bank account and this case is a perfect […]
DTA FAQs: Answering All Your Questions
As a South African expat, navigating double taxation agreements can be challenging. Experts answer all your burning DTA questions.
SARS Asks Big Questions in 2023 Tax Season for Individuals worth above R50m
The commencement of the 2023 tax filing season saw the South African Revenue Service (SARS) further upholding its commitment to keep a close eye on high-net-worth (HNW) taxpayers with assets above R50 million.
The Downfall of Crafty Taxpayers Who Hide Income From SARS and Seek to Rely on Prescription
All taxpayers should arrange their tax affairs to obtain the best advantage and to pay the least amount of tax. This is a right every taxpayer possesses, and well entrenched in South African and international tax law. However, this planning must be done within the constraints of what the law allows.
CIPC and SARS Align to Eradicate Non-Compliance at All Levels
If you hold “Beneficial Ownership” in relation to a company, you should already be aware of the new “Beneficial Ownership Register” functionality now on the Companies and Intellectual Property Commission’s e-services platform.
SARS Still Has Its Eye on SA Expats
South African expatriates (SA expats) who work and live abroad are cautioned to ensure their tax affairs are up to date, to avoid falling foul of SARS’ drive for full tax compliance. This is especially the case now that SARS has drastically turned its wheel to ensure the collection of all taxes due and payable.