The number of South Africans earning income abroad has continuously been on the rise. The majority percentage of the South African Revenue Service’s (SARS) tax collections have also consistently been from personal income. These two factors combined, in the context of our residency-based tax system, has massively piqued the interest of our revenue service in […]
The SARS Commissioner, Mr. Kieswetter, appears to be operating on the ethos of actions speak louder than words. He has forewarned that SARS is overhauling and restoring their capacity to take on the big boys and any rogue tax advisors who “sell” aggressive tax advice.
Having visited over 12 international locations in 2022, and engaging with South African expatriates, we can attest to a recent report issued by the United Nations which found that around 900 000 South Africans are already living and working overseas – and indeed, this may well be an understatement.
What is a Tax Diagnostic Report? A tax diagnostic can be thought of as a thorough examination of your historic tax matters on your SARS profile that will give a comprehensive overview of your tax standing, history and current state of tax compliance. This is the framework in which a qualified tax advisor analyzes your […]
Tax Consulting South Africa has joined forces with The Good People Data Company to take the pain out of property practitioner compliance. “Our tax and legal expertise, offered as an integral function of The Good People’s Cloud-based property practice management and analytics platform, creates a seamless compliance experience,” says Jashwin Baijoo, Legal Manager: Africa Tax […]
The market trend of wealthy / affluent individuals departing South Africa, through financial emigration or opting to either invest offshore has become increasingly common. This usually takes planning, and structuring of affairs and asset management, which is done by means of an emigration roadmap, prepped well in advance, to be used on a rainy day.
SARS has started to make good on its promise in the 2020 Budget Review by enhancing their verification and audit processes to accurately review the compliance and tax statuses of South Africans abroad.
Given the number of fraudsters and chance-takers in today’s market, hesitancy on the part of the South African Revenue Service (“SARS”) is present and well-understood. Rather than simply handing out refunds to every VAT claimant without careful scrutiny, the SARS official appointed to the matter is obligated to correctly apply the law, even though it […]
With inflation levels at their highest since 2009, coupled with rising interest rates in South Africa, cash strapped consumers are scrambling to find means to curb their debt woes.
Lifestyle audits were initiated by SARS back in 2007, however actual action earnestly began only a few years ago with the arrival of SARS Commissioner Edward Kieswetter. These audits are conducted when SARS suspects that the taxpayer is not declaring all his or her income and thus is underpaying the factual tax due.