While financial emigration may be a viable option for a small minority of individuals who will be hit by South Africa’s coming ‘expat tax’, for the majority, it’s likely to be a costly exercise which won’t provide significant tax relief in the long-term. This is according to Ettiene Retief of the South African Institute of..
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ANC-regime needs money! South Africa’s big expat tax is coming – and financial emigration isn’t the quick fix you think it is
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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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Moving to the UK? Don’t leave South Africa without tying up these loose-ends
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For South Africans, the road to the UK can be a challenging one, but once you get there it’s worth it. To help you navigate through all the requirements and to ensure that your move goes off as smoothly as possible, we’ve compiled some essential advice and information based on what other Saffas have learned while making the big move…
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Company capital gains tax increase in the UK
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As part of the Budget measures, the Chancellor announced that the indexation allowance for companies that make capital gains is to be scrapped. The indexation allowance currently allows companies or organisations to include the effects of inflation and claim tax relief when calculating any chargeable gains that they make. The monthly indexation allowance will continue..
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Expat tax could be ‘final straw’ for South Africans
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For some, the additional tax burden may be so significant that they won’t have any choice but to emigrate. There is a significant risk that multinationals and young, mobile South African tax residents could move to tax-friendly jurisdictions should the foreign employment income exemption be repealed as proposed, experts have warned. “We will raise in..
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Here’s how the taxman will come after South African expats
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If you have a good job overseas‚ living in a country where the tax rate is 25%‚ but your salary falls into South Africa’s 45% tax bracket‚ the taxman now wants to come after you to collect the difference of 20%. Jerry Botha‚ a managing partner at Tax Consulting‚ said the draft tax law amendments..
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