SARS Overhauls Trust Returns: 5 Major Changes
SARS has completely overhauled tax returns for trusts. Although this has been hinted at for a long time, the degree of overhaul is far from expected.
“Exit Tax”: Detrimental or Desirable; What You Need to Know
When pursuing international career growth, and offshore employment, be aware that moving your person, without the requisite paperwork, will have you scoring bonuses in Belgium, but still subject to SARS in South Africa. In order to ensure optimal taxation, South Africans abroad must make use of either the Double Tax Agreement or Financial Emigration process […]
Time To Count Your Chickens: SARS Has Changed The Tax Compliance Status Process
With no fanfare or any prior notification, on 24 April 2023, SARS released new enhancements to the Tax Compliance Status (TCS) process, and with immediate effect. These changes will be directly felt by specific taxpayers seeking to transfer funds out of South Africa and will effectively change the ball game for those who have ceased […]
A Global Consensus – Prior Due Diligence Recommended for AIT Requests
In the weeks following the announcement of SARS’ enhanced Approval of International Transfers (AIT) process Tax Consulting South Africa hosted technical training sessions for several SARS-recognised controlling bodies. To date, this has included the South African Institute of Taxation, the Financial Planning Institute of Southern Africa, and the South African Institute of Professional Accountants.
New Rules When Disagreeing With SARS – Alignment With Strategic Objectives
On 10 March 2023, new dispute resolution rules were published in terms of the delivery of any document, notice or request made in respect of the SARS dispute resolution process. The new rule states that the delivery “must be made… to the taxpayer’s electronic filing page through www.sarsefiling.co.za”. This aligns with SARS’ strategic objectives of […]
Demystifying Double Taxation Agreements: What South African Expatriates Need To Know
With the Covid-19 pandemic largely in the rear-view mirror, tens of thousands of South Africans are seizing lucrative employment opportunities abroad. At the same time, many of these expatriates are unaware that their hard-earned income is at risk of double taxation.
Sars Can Increase Your Tax Liability If You Appeal
Following years of litigation dating as far back as 2017, the High Court has confirmed that SARS is well within its right to increase, at appeal stage, the tax liability it has claimed in an additional assessment; without having to issue a new assessment first.
5 Reasons South Africans Consider a Second Passport
The Henley & Partners, in collaboration with Tax Consulting South Africa, hosted their annual roadshow in May 2023 on the topic of ‘Investment Migration Is More Than Just a Plan B.’. This again highlights the reasons why South Africans are considering getting a second passport.
The Market Has Spoken: Experienced Hands Needed to Navigate SARS’ Enhanced AIT Process
The market saw mixed reactions following the implementation of the enhanced Approval of International Transfers (AIT) process on 24 April 2023.
The Cost of Non-Compliance – SARS’ Shrapnel Knows No Borders
SARS has made it easier to clamp down on individuals it deems as “sophisticated taxpayers”, specifically those with the ability “to apply for more than the yearly R1 million single discretionary allowance”. This is per the SARS media statement on 3 May 2023, and is one of the reasons given for the new Approval for […]