Tag: Jashwin Baijoo

Property practitioners, including estate agents, candidate estate agents, and property managing agents (the agents), have for years been regulated by the Estate Agency Affairs Act, 112 of 1976 (EAA). However, this is soon to change with the enactment of the Property Practitioners Act, 22 of 2019 (the Act), signed into law by President Cyril Ramaphosa, and with an effective commencement date of 01 February 2022.

The South African Revenue Service (SARS) has made evident its no-nonsense stance in media statements over the preceding months and shown that actions speak louder than words in light of the recent judgements of the Pretoria High Court on the state capture loot, and Zuma’s tax records.

It has long been on the cards that the South African Revenue Service (SARS) should upgrade their systems and modernise the fact of tax in South Africa. This would enable the easier facilitation of compliance for the country’s growing tax base.

In light of recent developments on the sides of both the South Africa Revenue Service (SARS) and the South African Reserve Bank (SARB), the regulatory burden for the cross-border flow of funds, resulting from transactions concluded between South African residents and foreign parties, has been significantly eased.

As 28 February 2021 looms near on the horizon, so too does the deadline for the second provisional tax submissions for 2021. This February will be the most important tax submission to date for expatriates earning above the R1.25 million threshold as they will now be exposed to a previously non-existent tax liability in South Africa.