The days of SARS sending indebted taxpayers demand upon demand with no action are long behind us. In-line with their 2023 Strategic Objectives, SARS now wastes no time in instituting collection measures against non-compliant taxpayers; if you have a tax debt, you will soon be paid a visit by the Sheriff of the Courts, or […]
The fiscal pressures on SARS’ tax collection appear to have now compelled SARS to actively initiate the arrest and prosecution of taxpayers who do not accurately declare their taxable income. For long time, it has been warned that the South African Revenue Service (SARS) possesses third-party information from banks, financial institutions, estate agents, car dealerships […]
The much anticipated two-pot retirement system, introduced as a “knight in shining armour” for South Africans, has received a new implementation date of March 2024. Expats are cautioned to pay attention to the effects that this will have on the encashment of their retirement savings.
South African expatriates are often faced with a challenging decision – whether or not to cease their tax residency in South Africa (SA). However, this process has evolved drastically over the last few years, causing confusion for expatriates and tax professionals alike. Many remain unaware of what ceasing their tax residency in SA means and […]
SARS has implemented several changes that have paved the way to enforcing the tax obligations of South African expats living and working abroad.
Landing in a position of indebtedness to SARS can be quite a stressful journey on its own, but even more so when you’ve forgotten about your crypto assets.
The South African tax landscape is ever-evolving, however, the most change has occurred in the last decade from a SARS and regulatory compliance perspective. Whilst the catalyst of new SARS, CIPC and Master Office changes has been South African grey listing; the new in-depth disclosure requirements now required are having a material impact on tax […]
As of 24 April 2023, the South African Revenue Service (SARS) changed the rules by which taxpayers have to play when it comes to applying for funds to be transferred internationally. If you have not heard by now, SARS’ introduction of a new dynamic application called Approval International Transfer (AIT) is enhanced and involves a […]
SA Non-Resident taxpayers need to be aware of their golden ticket to tax-free peace: The Notice of Non-Tax Residency Status Confirmation Letter.
On 31 July 2023, National Treasury released their annual draft tax law amendments, for public comment. Although still at the draft stage, there are some pertinent proposed changes for which the supporting systems have already been implemented i.e., the “Beneficial Ownership Registers”.