The South African Reserve Bank (SARB) may no longer be a visible part of the process to cease residency in South Africa. However, when it comes to moving money out of the country during or after emigration, the Reserve Bank is still very much involved. This is especially true for amounts above R10 million.
The 2023 Budget Speech was delivered by a light-hearted Finance Minister, Enoch Godongwana, with an overarching theme of “repair and maintenance”. A plan to reduce the fiscal deficit, whilst maintaining expenditure on social and infrastructure development was presented. This would be achieved without increasing taxes, as the fiscus was bolstered by strong increases in revenue […]
South Africans living abroad need to be mindful of the impact that this has on their tax obligations and ultimately, which country has a taxing right. Your tax obligation ultimately depends on your tax residency status.