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Unforeseen tax debt arising from crypto trading

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Landing in a position of indebtedness to South African Revenue Service (SARS) can be quite a stressful journey on its own; if forgetting to leave room for crypto profits or gain, in your suitcase, the destination becomes all that more daunting.

SARS open to engage with remote workers & tax advisors

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The draft tax law amendment published in August and targeting foreign employers has inadvertently led to an uproar amongst South African remote workers who fear the law change may disincentivise foreign employers from retaining the services of South African talent.

Taxi industry and the complexity of tax compliance

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The South African taxi industry, a cornerstone of the nation's transport landscape, has long been under scrutiny for its apparent underpayment of taxes. However, a closer examination reveals a more complex reality. In 2021, the industry paid only R5 million in annual Corporate Income Tax (CIT). This is a small amount compared to the industry’s estimated annual revenue of R90 billion.

The downfall of crafty taxpayers who hide income and rely on...

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All taxpayers should arrange their tax affairs to obtain the best advantage and to pay the least amount of tax. This is a right every taxpayer possesses, and well entrenched in South African and international tax law. However, this planning must be done within the constraints of what the law allows.

Trusts, far from obsolete

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Locally, as trust compliance becomes more complex and trusts become more costly to administer, their value is increasingly being questioned. However, a trust’s worth extends beyond its financial benefits, and as such, they are still very relevant tools to use in a well-crafted estate plan, especially for high-net-worth families. 

The pitfalls of raising taxes on vaping – a closer look

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As more people choose vaping as an alternative to smoking, discussions surrounding its regulation and taxation have become hot-button issues worldwide, and South Africa is no exception. One prevalent topic is the idea of raising taxes on vaping products.

Tax hurdles for remote workers and digital nomads

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South Africa remains a hot spot for remote work. On the one hand, digital nomads and remote workers with foreign employers get to enjoy the South African lifestyle, good weather, and the luxury of earning Dollars and Pounds. On the other, foreign companies benefit from employing skilled South Africans, comparatively cheaper than their foreign counterparts, and without the burden of adhering to South African tax compliance regulations.

Draft Tax Law Amendments – what you need to know

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On 31 July 2023, National Treasury released their annual draft tax law amendments, for public comment. Although still at the draft stage, there are some pertinent proposed changes for which the supporting systems have already been implemented i.e., the “Beneficial Ownership Registers”.

Tax credit for individuals for solar panels brought into use

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The draft Taxation Laws Amendment Bill, which was issued on 31 July 2023, proposes the introduction of a new rooftop solar energy tax incentive for individuals in an effort to encourage South African households to invest in electricity generation capacity, and by so doing, reduce pressure on the electricity grid.

Decoding expat tax

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Expatriate tax is complex, intricate and can be challenging to understand – especially if one does not have the basics, such as what is an expat, down pat. Simply, an expatriate, or expat, is an individual who has relocated from their home country to another, either temporarily or permanently.

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