Are you a Millennial and emigrating? Don’t kiss SARS goodbye yet
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As a South African millennial income earner, even if you’re moving abroad, you’ll still have to declare your worldwide income to SARS on an annual or provisional basis.
“Leaving South Africa does not automatically relieve you of your tax obligation,” says
The changes emigrating South African taxpayers should know about
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South Africans emigrating to greener pastures may be prevented from leaving the country – or worse – if their application for tax clearance is denied by the South African Revenue Service (SARS).
Recent changes to expatriate tax procedures and SARS’ dramatically improved auditing capabilities mean the exit process is more stringent than ever, said specialist firm Tax Consulting South Africa.
“Local tax laws require every South African to declare and pay taxes on their worldwide income, even if they moved to another country years ago. SARS does not tax the first R1.25 million of these earning.
Apr 1, 2021
SARS has taken a critical step in rebuilding the revenue authority by launching a massive recruitment drive. SARS is looking to appoint 370 experienced and highly skilled individuals, as well as 200 legal, accounting and other graduates in the fields of tax, customs and auditing.
By Jean Du Toit, head of tax technical at Tax Consulting South Africa
These additional resources will enable SARS to fulfil its promise to crack down on the wealthy and to criminally prosecute delinquent taxpayers.
Words into action
This announcement marks two years to the day since National Treasury announced that SARS commissioner Edward Kieswetter will take over the reins at SARS on 1 May 2019. Since then, we have heard of several initiatives to rebuild SARS, specifically directed at enforcement.
Taxpayers in South Africa need to brace for SARS collection targeting businesstech.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstech.co.za Daily Mail and Mail on Sunday newspapers.
Positive Budget Speech, but poor revenuesput high earners at risk
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On 24 February, Finance Minister
Tito Mboweni delivered South Africa’s 2021 National Budget speech. An upbeat Mboweni announced several tax measures, some providing relief for earners and others increasing the burden on consumers. Lurking in the background, though, was the shadow of an impending tax blitz.