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.
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.
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.