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SA Expats Face Tough Tax Season
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SA expats face tough tax season
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Mar 2, 2021
Financial emigration is the process used by many South Africans abroad to formalise their non-resident status for both tax and exchange control purposes, and which is set to be amended, as mentioned a year ago in Budget 2020, and came into effect on 1 March 2021.
By Jonty Leon, legal manager: expatriate tax at Tax Consulting South Africa
Since the initial announcement, there has been zero public consultation, draft Regulations or anything else publicly released, on exactly what the new process will look like. However, finally the South African Reserve Bank (SARB) has released its comments to authorised dealers on how the new regime will commence.
South Africa’s financial emigration system has changed – here are the new rules
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In its 2021 national budget, Treasury said that amended rules around financial emigration are set to come into effect from 1 March 2021.
Financial emigration is the process used by many South Africans abroad to formalise their non-resident status for both tax and exchange control purposes.
“Since the initial announcement, there has been zero public consultation, draft Regulations or anything else publicly released on exactly what the new process will look like,” says Jonty Leon, legal manager at Tax Consulting South Africa.
“However, finally the South African Reserve Bank (SARB) has released its comments to authorised dealers on how the new regime will commence.”
Further evidence that South Africans are trying to get their money out the country
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A wealth tax may be the fastest way to plug the holes in the government’s finances and pay for additional costs including Covid-19 vaccines, but it is not sustainable, says chief executive of Momentum Consult, Hannes van den Berg.
Van den Berg said that a wealth tax is a short-term tool to fix a long-term problem.
“It’s a fast way to fill the holes that have been left by the mismanagement of public funds, but it’s not a lasting solution,” he said. “South Africa has a relatively well-developed tax regime which resembles those in first world countries. The problem is our dwindling individual taxpayer base.”
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