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.
South Africans emigrating to greener pastures may be prevented from leaving the country – or worse – if their application for tax clearance is denied by SARS.
It is no secret that wealthy South Africans are the focal point in SARS’ efforts to close the tax gap. SARS has progressively implemented specific steps in pursuing this objective, including the use of information from other jurisdictions, third party data and the promise of lifestyle audits. But the latest and probably the most insightful […]
It has been widely reported that SARS has committed to probing the tax affairs, and information disclosed by high-net-worth individuals (“HNWI”) on their tax returns, in order to determine their compliance with the respective tax legislation, with the establishment of the High Wealth Individual Taxpayer Segment (HWI).
SARS has taken a critical step in rebuilding the revenue authority by launching a massive recruitment drive. SARS is looking to appoint 370 experienced and highly skilled individuals, as well as 200 legal, accounting and other graduates in the fields of tax, customs and auditing.
The process of financial emigration, which is the process that allows a taxpayer to formally place themselves on record as a non-resident for tax purposes with the South African Revenue Service (SARS), recently changed and came into effect on 1 March 2021.
In 1911, coal miners would delve into the depths of the earth with little or no guiding light and none but their own belaboured breath as company. These men faced a silent killer – carbon monoxide levels underground could increase until it was too late for them and no one was left standing.