Tag: Tax Consulting SA

The new regulations proposed by the South African Government will lead to greater regulatory oversight and control in the crypto asset sector and will spell bad news for non-compliant operators. It has long been clear that regulation in South Africa was inevitable, regardless of this being contradictory to the philosophy of most of those involved in the crypto asset sector.

Post-COVID-19 economic resurgence saw an increase in international work opportunities. With skills in hand, many South African professionals have become sought-after in other countries. As a result, their finances and subsequent taxation have come under scrutiny. However, along with the awareness of tax complications, another threat has emerged.

South African residents who work for international companies inside South Africa need to be sure they have a clear understanding of their tax situation or risk losing out. A growing number of South Africans are electing to work abroad, but there is also a substantial group that is working here for foreign companies.

Cryptocurrency has heralded a new dawn of investment, and regulators worldwide have been sluggish to respond. However, it is now firmly on the tax radar for revenue authorities globally; and the South African Revenue Service (SARS) position seems to be no different.

It has been widely reported that SARS has committed to probing the tax affairs, and information disclosed by High-Net-Worth Individuals (HNWI) on their tax returns, in order to determine their compliance with the respective tax legislation, with the establishment of the High Wealth Individual Taxpayer Segment (HWI).

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.

Over the course of lockdown, pundits have shared some harrowing statistics regarding the increase in unemployment in South Africa. In general, our unemployment rates are moving in the wrong direction and the affected households have suffered great hardship as a result, but it is important to understand what this means for our tax base and our growing budget deficit.

The days where SARS shuts its eyes to taxpayers’ offshore holdings are thing of the past. SARS is finally utilising the Automatic Exchange of Information regime to pin down taxpayers who have not disclosed their offshore interests and numerous taxpayers have already received some alarming notices to this effect.

December has arrived, and with Christmas around the corner, many employers are left in a pickle when deciding on gestures of good faith and appreciation for their employees.

1 March 2021 marks a watershed for retirement funds in South Africa. Most are focussed on the annuitisation rules that have been pending since 1 March 2015, otherwise known as 'T-day'. While these reforms are significant, retirement fund members need to understand them in the grand scheme of things.