Some South Africans who have bought cryptocurrencies in recent years are being audited by the South African Revenue Service (SARS), who has sent them letters requiring more information about these investments.
Dis moeilik om te bepaal of die veelbesproke ekspat-belasting verlede jaar ’n groot impak gehad het op Suid-Afrikaners se besluit om oorsee te gaan werk – of wáár.
On 24 February, Finance Minister Tito Mboweni delivered South Africa’s 2021 National Budget speech.
In this year’s budget speech, Minister of Finance Tito Mboweni steered a course between providing some relief to beleaguered taxpayers after a challenging year while still trying to stick to the government’s existing fiscal plans, says Thomas Lobban, Legal Manager for Cross-Border Taxation at Tax Consulting South Africa.
Many African countries have recorded excellent gross domestic product (GDP) rates in excess of six percent in recent years and with their vastly youthful populations are attracting myriad multi-national firms that foresee these economies as presenting the next massive global growth opportunity.
There are many South Africans who have made investments into cryptocurrency, and we see all types of traders and investors on a daily basis.
Financial emigration is the process used by many South Africans abroad to formalise their non-resident status for both tax and exchange control purposes, and which is set to be amended, as mentioned a year ago in Budget 2020, and come into effect on 1 March 2021.
Taxpayers received a welcome message of support from Finance Minister, Tito Mboweni, in delivering his 2021 Budget Speech. In adopting a focus on economic recovery, following an unprecedented year of job losses, the Minister has for a second consecutive year afforded some relief to taxpayers with an above-inflation increase in the personal income tax brackets […]
In our recent newsletter, Tax compliance or jail, we warned that your clients could face penalties or prison sentences for negligent non-compliance with South Africa’s tax legislation.
The financial emigration law amendment that comes into effect on 1 March could cause a mass exodus of South Africa’s tax base, says Professor Jannie Rossouw, head of Wits Business School.