As a South African tax resident, one of the scariest situations you can find yourself in is where you have a large tax debt owed to SAR, which you cannot afford. You would hope and pray that the revenue authority shows you mercy, and imagine they offer to write-off a portion of your tax debt; […]
Tax Consulting South Africa and Xpatweb visited the Isle of Man over the weekend of 23 September for the first Saffas festival, where over 800 South Africans living and working on the Island were hosted.
With the corporate tax collection deficit announced in September 2023, SARS is dead set on filling at least this fiscal pothole.
The draft tax law amendment published in August and targeting foreign employers has inadvertently led to an uproar amongst South African remote workers who fear the law change may disincentivize foreign employers from retaining the services of South African talent.
Expatriates are often under the impression that they need to wait three years before they can formalise their non-residency status. This can be due to various reasons such as misunderstanding the legislative amendments, advisors wanting to monetize on the withdrawal of these retirement funds and the subsequent remittance offshore or lack of professional guidance.
SARS Debt Collections have been making news headlines for months now where collections have either exceeded projections by millions or are being lost out on by the billions. This is due to various reasons, including “proliferation of syndicated crime”, according to Commissioner Kieswetter on one side, or successful aggressive collections on the other.
The days of SARS sending indebted taxpayers demand upon demand with no action are long behind us. In-line with their 2023 Strategic Objectives, SARS now wastes no time in instituting collection measures against non-compliant taxpayers; if you have a tax debt, you will soon be paid a visit by the Sheriff of the Courts, or […]
The fiscal pressures on SARS’ tax collection appear to have now compelled SARS to actively initiate the arrest and prosecution of taxpayers who do not accurately declare their taxable income. For long time, it has been warned that the South African Revenue Service (SARS) possesses third-party information from banks, financial institutions, estate agents, car dealerships […]
The much anticipated two-pot retirement system, introduced as a “knight in shining armour” for South Africans, has received a new implementation date of March 2024. Expats are cautioned to pay attention to the effects that this will have on the encashment of their retirement savings.
South African expatriates are often faced with a challenging decision – whether or not to cease their tax residency in South Africa (SA). However, this process has evolved drastically over the last few years, causing confusion for expatriates and tax professionals alike. Many remain unaware of what ceasing their tax residency in SA means and […]