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The Cost of Non-Compliance SARS’ Shrapnel Knows No Borders SARS has made it easier to clamp down on individuals it deems as “sophisticated taxpayers”, specifically those with the ability “to apply for more than the yearly R1 million single discretionary allowance”. This is per the SARS media statement on 3 May 2023, and is one […]

New AIT Enhancements Not to be Taken Lightly On 24 April 2023, the new enhanced Tax Clearance Status System, was introduced, this being the Approval for International Transfer, or AIT application, as it has been coined. Without much fanfare, SARS’ immediate implementation of this new process may have come as a shock to the market,

SARS’ New Process for Emigration and Foreign Investment Allowance The South African Revenue Service (“SARS”) introduced the new Approval for International Transfer (“AIT”) process on 24 April 2023, which requires a significant change in disclosure for South Africans taking money abroad. Dr Dylan Price Head of Client & Stakeholder Engagement at Tax Consulting SA. READ

FPI Event Sheds Light on SARS’ Tax Compliance Status Process Change Since the South African Revenue Service (SARS) announced the changes to the Tax Compliance Status (TCS) process, the media has been abuzz. To cut through this noise, Tax Consulting South Africa and the Financial Planning Institute of South Africa (FPI) held a short webinar

SARS Is Sticking to Its Promise of Dramatically Faster Turnaround Times The South African Revenue Service (SARS) recently made several changes to its Tax Compliance Status (TCS) process. According to their media statement on 3 May 2023, SARS states that these changes, or “enhancements”, aim to “dramatically improve turnaround times” for compliant taxpayers and traders

SARS’ New First-Class Tax Clearance System Takes Taxpayers into Unchartered Territory Taxpayers generally need to obtain confirmation that they are compliant with their tax affairs in South Africa, at some point or another. If you escape this in life, it will generally become your beneficiaries and legatees’ problem on death. Hence the saying, “death and

Time To Count Your Chickens: SARS Has Changed The Tax Compliance Status Process With no fanfare or any prior notification, on 24 April 2023, SARS released new enhancements to the Tax Compliance Status (TCS) process, and with immediate effect. These changes will be directly felt by specific taxpayers seeking to transfer funds out of South

Policy Withdrawals – Navigating the Inconsistencies of Expat Requirements South Africans abroad face multiple challenges when it comes to withdrawing their retirement policies in South Africa. The most recent being the South African Revenue Services (“SARS”) implementation of the 3-year lock in rule on retirement funds in March 2021. This was further exacerbated by cumbersome

Need-to-know advice for high-net-worth SA families considering emigrating to the US Many high net worth (HNW) individuals and families, as well as qualified professionals, are seriously considering emigrating from South Africa to the US.Whether it is for work or to escape the country’s poor economic conditions and dwindling wealth opportunities, it’s a life-altering decision that

Who Why and How – Backdating Your Financial Emigration South Africa is a tax resident system. Tax residents of South Africa are taxed on worldwide income and South African sourced income.With the full foreign income exemption being capped in March 2020, it is more important than ever for expats, with a permanent intent to reside