10 Key Highlights from the 2022 Budget Speech
The Minister of Finance, Enoch Godongwana, delivered his maiden Budget Speech this afternoon. Discussed below are 10 key highlights from the 2022 Budget Review.
Entries by dta-admin
Tax Non-Residency And Property In South Africa
Tax Non-Residents can acquire and sell South African immovable property in South Africa as there are currently no restrictions prohibiting them from doing so. The only restriction is that illegal aliens may not own immovable property in South Africa.
You Are No Longer Residing In South Africa, But Did You Let SARS Know?
South Africans working abroad seldom follow the correct procedures when it comes to matters pertaining to tax. Most of the concerns originate from the uncertainties surrounding the ceasing of their tax residency, with many not even sure what the term really means. With the South African Revenue Service (SARS) on high alert for non-compliant expats, […]
3 Questions SA Expats Must Ask About Tax Residency
Access to current information has become the saving grace for expatriates. However, with the advent of social media platforms, came an accompanying surge of opportunistic advisors who unknowingly, and sometimes knowingly, mislead vulnerable expatriates in their quest for clarity, and in so doing, potentially harm their relationship with the South African Revenue Service (“SARS”).
SARS Eager To Employ Inexperienced Youth To Assist Confused Taxpayers
The South African Revenue Service (“SARS”) recently expressed its intentions to dive into its recruitment drive with renewed vigour. First on the block, is the employment of 250 young South Africans. This presents a grave concern for expats working, or planning to work, abroad.
2021 Tax Proposals Signed Into Law – 5 Key Changes
The President has given effect to the 2021 tax proposals by signing three tax Acts into law. On 14 January 2022, the President gave his assent to the Rates and Monetary Amounts and Amendment of Revenue Laws Act No. 19 of 2021 (“Rates Act”), the Taxation Laws Amendment Act No. 20 of 2021 (“TLAA”) and […]
Withdrawal Of Exit Tax Confirmed As President Signs Tax Bills Into Law
The President has given effect to the 2021 tax proposals by signing the relevant tax Acts into law. With the promulgation of the Taxation Laws Amendment Act No. 20 of 2021 (“TLAA”), Government’s promise to scrap the exit tax on retirement interests has been confirmed, at least for now.
The ‘Silent’ Changes Affecting South Africans Who Are Emigrating
The transition from the old emigration regime to the current regime – ceasing of tax residency, came with some relief. However, there were some silent changes that went unnoticed. The most notable change has been the requirement of a SARS Tax Compliance Status (TCS PIN) for every capital transfer a Non-Resident/Non-Tax Resident makes to offshore.
Tax Residency Certificates: The Contentious Debate Amongst Expat Tax Advisors
For years the South African Revenue Service (“SARS”) has been trying to amend legislation to affect the way that expatriates are taxed on their foreign earnings. Their relentless pursuit for tax compliance often directs them towards individuals who are not disclosing all their earnings.
What Is Provisional Tax And When Do I Qualify For It?
During 2021, many South Africans were forced to start their own businesses to put food on the table, while others changed from traditional employees to contracted remote workers. Whether they retained a reduced salary or wholly embraced the responsibility of being an entrepreneur, it is important for these individuals to understand how the South African […]