Following President Cyril Ramaphosa’s announcement of fiscal relief for certain taxpayers, in light of other measures imposed to combat the COVID-19 crisis, National Treasury published explanatory notes on 29 March 2020, which outline exactly how the tax system will be used to ease financial distress during these times.
Celebrating the launch of its regional office on the west coast of Mauritius, Temple Group conducted a workshop on the 2020 Tax Reforms in SA, emphasising the reforms announced in the recent budget speech, and the importance of choosing the correct processes for relocating oneself or a company outside of SA.
Having just returned from visiting South Africans in remote locations in the Democratic Republic of Congo, Zambia, Oman, Qatar, Saudi Arabia and the UAE, one gains an appreciation for expatriates living in these locations.
At the 2019 Tax Indaba, the Commissioner for SARS declared that non-compliant taxpayers will no longer be allowed to operate unchecked and can expect to face criminal prosecution. At the time, some may have scoffed at the Commissioner’s promise, but recent developments may force his detractors to re-evaluate the situation.
The spirited Budget Speech given by Minister Tito Mboweni this Wednesday may have given many taxpayers a sense of cold comfort in an otherwise tumultuous economic conditions in South Africa.
South Africa Bleeding Skills Not surprisingly, there has been an outflow of South Africans in recent years for various reasons, a top reason being the punitive “expat tax” regime promulgated in December 2017, and effective 1 March 2020.
In December 2017, the change to the foreign employment income exemption was promulgated into law. This has widely become known as the “expat tax”. The exemption at that point was capped at R1mil, meaning that South African tax residents earning foreign employment income above this threshold would no longer be exempt from tax in South […]
The notion of creating a sovereign wealth fund for South Africa is a contradiction in terms. Jean du Toit, senior admitted attorneys at Tax Consulting SA, says this would imply that we do have surplus funds.