Thousands of South Africans working on farms in the United States may qualify for financial relief support that will provide welcome relief after farm work seasons were cut short during the Covid-19 pandemic.
On the minds of many South African expatriates are the options which are available to them for tax relief in South Africa, given the many changes made to the tax laws in South Africa.
If you’re 55 plus and have emigrated or are intending to emigrate, you’ll still have to submit annual returns to the South African Revenue Service (SARS) and pay tax on your worldwide income for the rest of your life.
SARS shines the torch on wealthy individuals One of the biggest highlights of this year’s budget speech revealed SARS’ latest ammunition.
Less is more, which could not ring truer than when it comes to withholding taxes. This is especially the case in respect of dividends, which are subject to a withholding tax of 20% in South Africa.
SARS’ recruitment drive has provided some insight into the state of affairs at the organisation. With applications now closed, SARS released the details around the roughly 88,000 applications it received, and the numbers paint an unsettling picture.
South Africa has experienced a large brain drain over the past few years with many skilled South Africans emigrating. However leaving South Africa doesn’t mean you can forget your relationship with SARS.
Introduction of Automatic Exchange of Information The South African Revenue Service (SARS) has discovered R400bn in offshore holdings owned by South Africans and is on the rampage to collect all taxes that it is owed on these assets.
As a South African millennial income earner, even if you’re moving abroad, you’ll still have to declare your worldwide income to SARS on an annual or provisional basis.
South Africans living abroad who have not yet financially emigrated and cashed in their retirement annuity savings are concerned about the volatile rand exchange rate.