Ultra-rich South Africans are bailing on Joburg, Cape Town and other top cities
Data from Henley & Partners shows that high-net-worth individuals (HNWI) continue to leave the country’s economic hubs. The latest Henley Global Citizens Report 2022 Q3, compiled in collaboration with New World Wealth, reported that Johannesburg has seen a 5% decrease in the number of HNWIs to date in 2022, while Cape Town has seen a […]
2 Documents South African Expats Need To Avoid Being Taxed By SARS
It is increasingly important that South African ex-pats are aware of the proper tax compliance procedure amid digital platforms creating misinformation, says Lovemore Ndlovu, a South African Reserve Bank (SARB) and South African Revenue Service (SARS) complaint manager for Tax Consulting SA.
Tax thresholds for 2022 and who doesn’t have to pay: SARS
The South African Revenue Service (SARS) has published its annual guide for the income tax season, detailing who is expected to pay income tax in South Africa and the different types of income which will be taxed.
South Africa is getting a new ID system – how it will work
Government is in the process of developing the new National Identity System (NIS), which will replace the current National Population Register and become the backbone of all Home Affairs functions in South Africa. The system, which is expected to be operational by March 2024, will enable the security and reliability of civic and immigration status […]
How changes to South Africa’s value-added tax affect compliance among small firms
Taxes “are the dues that we pay for the privileges of membership in an organised society”. As the quote from US president Franklin D Roosevelt in 1936 suggests, governments across the world need to collect tax revenue to be able to provide public goods and services to their citizens. There are a number of forms […]
New vaping rules and taxes planned for South Africa
The National Treasury has published a discussion paper outlining a proposal on the taxation of electronic nicotine and non-nicotine delivery systems (ENDS). This follows signals from the government in its previous two budget speeches that it plans to start taxing these two products. “ENDS are part of new generation products that have been introduced in […]
New SARS change could be a ‘trojan horse’, say tax experts
The South African Revenue Service (SARS) recently began sending out letters to taxpayers working abroad, confirming their change in status to non-residents for tax purposes. This is a somewhat peculiar development for expatriates who have previously ceased their tax residency, as they are now requiring an additional step to objectively support their non-residency as issued […]
Tax increases and other measures to help fund South Africa’s proposed basic income grant
South Africa will need to consider tax increases and other adjustments if it is to fund a new basic income for working-age individuals between the ages of 18 and 60 in South Africa. A panel of experts has recommended the country gradually implement a basic income grant, beginning with the institutionalisation of a monthly welfare […]
Home office for tax purposes in South Africa
In a year where Covid has been rampant and many of the working conditions have changed, there should be some account of the additional costs incurred by taxpayers for working from home. Marty SantanaTaxpayers can claim a tax deduction if they have worked from home for more than half of their total working hours or […]
SARS is now issuing this letter to taxpayers leaving South Africa
One of the challenges faced by taxpayers who have left South Africa and ceased their South African tax residency has been obtaining objective confirmation. This would typically require a taxpayer to provide a raft of objective evidence to demonstrate the fact that they are non-resident, including a TCS Pin from the South African Revenue Service […]