Page 2 - Tax Technical News Today

Expat tax changes for South Africa explained Subscribe South African expatriates have been kept in suspense regarding a proposed law change aimed at providing relief to those who could not leave the country under lockdown. This amendment was confirmed with the promulgation of the Taxation Laws Amendment Act (TLAA) on 20 January 2021, which means these expatriates can now rest easy, says Jean du Toit, head of Tax Technical at Tax Consulting SA. Under the amendment, South African resident taxpaye...

A more stringent verification process and risk management test are in the pipeline, if the Budget Speech in February 2020 is anything to go by. Current legislation allows a person who has formalised his or her emigration by using the "financial emigration" process, to fully withdraw their retirement funds when the process is complete. President Cyril Ramaphosa, however, now signed the Taxation Laws Amendment Act into law, effective from 1 March 2021. The consequence is that,...