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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.
With effect from 1 January 2019, the doubtful debt allowance provisions contained in section 11(j) of the Income Tax Act, 58 of 1962 (the Act) were amended. While taxpayers who apply IFRS 9 have been grappling with these changes for some time, other taxpayers may not have realised the extent to which the amendments practically alter the determination of the allowances that they may claim