The 3 year lock up rule misconception – What South Africans abroad need to know
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.
Surviving SARS Tax Debt Collections in a No Growth Environment
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.
SARS Quick to Issue Civil Judgements on Tax Debts – Pay Up or Face the Consequences
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 […]
Hawks and SARS on the Hunt: VDP Your Tax Redemption
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 […]
From Departure to Encashment: The Two-pot Retirement System
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.