An amendment to the South African Income Tax Act, which will have hard-hitting consequences for citizens working outside South Africa, will come into force in March 2020. South Africans earning an income abroad should be considering their options, says Sovereign Trust SA. As it currently stands, South Africans working abroad for more than 183 days..
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Here’s a look at South Africa’s big expat tax to hit you and your options
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Financial emigration: SARS and small expatriate fish
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Emigrating from South Africa is not as simple as packing up your bags, jumping on a plane and setting up shop somewhere else. Unfortunately, there is still the issue of tax and no matter where you go, the taxman remains interested.
The South African Reserve Bank, SARS and even the globally agreed “common reporting standards” or “CRS” want to know your movements. Even Home Affairs have climbed on this bandwagon in respect of the White Paper released last year which recommends that all South Africans abroad must report themselves correctly, for good recordkeeping and for the authorities to know their whereabouts.
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Notes on Financial emigration: SARS and small expatriate fish
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Emigrating from South Africa is not as simple as packing up your bags, jumping on a plane and setting up shop somewhere else.
Unfortunately, there is still the issue of tax and no matter where you go, the taxman remains interested.
Continue reading…
What is the best way to transfer money in 2018?
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When it comes to moving money back to South Africa, the costs can become substantial as well as complicated. The wide range of exchange rates and transfer fees available from different services only make the process even more confusing.
Thankfully, there are ways to make the process both simpler and more cost-effective when it comes to both regular money transfers or large one-off payments.
Where do I find the best deal?
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Due To The South African Reserve Bank Newest Legislation Protocol SA Expats Cannot Use Their SA Bank Cards In The UK
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South Africans in the UK are very surprised to learn that they are not allowed to use their South African Debit and Credit cards while living abroad. Unfortunately, for South African expats, the South African Reserve Bank (SARB) have control over the free movement of South African wealth using Exchange Control. South Africans are allowed..
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