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THE IMPORTANCE OF AN EXIT ROADMAP AND FINANCIAL STRATEGY WHEN EMIGRATING​ With the ongoing global skills shortage and South Africans being highly sort after, many individuals are choosing to Financially Emigrate with the aim of starting a life abroad. However, this decision should not be taken lightly and requires a well thought-out road map and […]

ALARM OVER GROWING BRAIN DRAIN FROM SA As emigration by skilled South Africans rises, experts in the auditing and insurance sectors have warned this will weaken the country’s skills base and reduce the pool of wealthy individuals, whose spending on goods and services support many businesses. READ MORE Authors Thomas Lobban Legal Manage: Cross-Border Taxation

VOLUNTARY COMPLIANCE ENCOURAGED BY SARS In a media statement dated 30 November 2022, the South African Revenue Service (“SARS”) stated that they are encouraging all taxpayers who may be in default on their tax affairs to approach SARS via the Voluntary Disclosure Programme (“VDP”). By coming forward willingly, said taxpayers will receive the help and

SARS’ Sherlock Holmes approach to foreign income The number of South Africans earning income abroad has continuously been on the rise. The majority percentage of the South African Revenue Service’s (SARS) tax collections have also consistently been from personal income. These two factors combined, in the context of our residency-based tax system, has massively piqued

FLYING TOWARDS A TAX SAVING – DOUBLE TAX AGREEMENT OR FINANCIAL EMIGRATION? Having visited over 12 international locations in 2022, and engaging with South African expatriates, we can attest to a recent report issued by the United Nations which found that around 900 000 South Africans are already living and working overseas – and indeed, this

PERFORMING A TAX DIAGNOSTIC DOES NOT TRIGGER A REACTION FROM SARS What is a Tax Diagnostic Report? A tax diagnostic can be thought of as a thorough examination of your historic tax matters on your SARS profile that will give a comprehensive overview of your tax standing, history and current state of tax compliance. This

SARS’ SMOKING GUN? ESTIMATED TAX ASSESSMENTS THROUGH LIFESTYLE AUDITS Lifestyle audits were initiated by SARS back in 2007, however actual action earnestly began only a few years ago with the arrival of SARS Commissioner Edward Kieswetter. These audits are conducted when SARS suspects that the taxpayer is not declaring all his or her income and

SARS UPS THE ANTE ON EXPATRIATES TRYING TO CEASE THEIR TAX RESIDENCY SARS has started to make good on its promise in the 2020 Budget Review by enhancing their verification and audit processes to accurately review the compliance and tax statuses of South Africans abroad.

NON-RESIDENT TAX STATUS REVERSED? READ THIS BEFORE REAPPLYING TO SARS SARS introduced its Tax Non-Resident Confirmation letter in 2021, and it now appears that emigrated taxpayers, whose residency status was previously disclosed to SARS as non-resident, are now finding their status has been reset to ‘resident’. This may possibly have been due to a bug,

MOMENTOUS WEALTH TAXATION EVENT LIFTS VEIL ON OFFSHORE STRUCTURES A momentous event, held on 22 August 2022, drew a massive audience, comprising many well-known high net worth VIPs, senior SARS officials and officials from other African Revenue Authorities, tax heads in various capacities, top wealth managers, academics and other notable attendees. READ MORE Hosted by