Tag: Foreign Investment Allowance (FIA)
Cryptocurrency exchange control regulations
Cryptocurrency traders in South Africa are focused on understanding the tax implications of their transactions. These transactions are relative to the Income Tax Act. This has been challenging, as SARS has only stated that "the normal rules apply." They have not provided authoritative guidance on cryptocurrency-related transactions or when profits are considered capital or income.
Simplifying FX is all about good guidance!
South Africa will always be facing change and challenges. There is a positive change from the point of view of business and leisure travel returning to normal and being less challenging and our foreign trade from both an import and export perspective is active and buoyant. On the negative side though we still face much internal political conflict, unrest and of course the inconvenience of load shedding, which is quite crippling for some businesses.
Policy withdrawals after financial emigration – SARS’ current challenges
There are many reasons why South African tax residents undertake to cease tax residency through the financial emigration process. One of the reasons is that a successful financial emigration provides one with the rare opportunity to fully encash your policy funds.
Understanding an offshore allowance
With an economy in the doldrums, South Africans are increasingly looking to make use of business and investment opportunities offshore. However, it’s important to note that as a South African resident, you are subject to certain exchange control regulations.