South African expatriates (SA expats) who work and live abroad are cautioned to ensure their tax affairs are up to date, to avoid falling foul of SARS’ drive for full tax compliance. This is especially the case now that SARS has drastically turned its wheel to ensure the collection of all taxes due and payable.
Tax debt can creep into your life if left unchecked; having dire financial and lifestyle, consequences for you, and potentially, your family.
On 30 June 2023, in a Gazetted public notice, the South African Revenue Service (SARS) formally expanded its third-party reporting standards to include trusts. Now, all South African trusts, and some foreign trusts, are required to submit returns containing third-party information as specified by SARS.