Plans to scrap a tax exemption on overseas earnings have been watered down by the South African Treasury and a tax-free allowance of ZAR1m (£57,143, $76,003, €63,904) introduced instead following pressure from expats and interest groups.
Introducing tax legislation by press release and putting changes into place with immediate effect puts South African taxpayers in an “impossible position”, a tax expert has warned.
In the furore over the removal of the tax exemption on foreign earnings, it has become clear that many South African expats are not fully aware of their existing tax obligations on offshore savings and investments and time is running out, warns Old Mutual Wealth’s David Denton.
After nearly two years’ delay, South African president Jacob Zuma finally signed the Financial Sector Regulation Act (2017) into law on Monday, which established two new financial regulators.
Just a few hundred South African taxpayers have taken advantage of the country’s special voluntary disclosure programme (SVDP) which is due to end on the 31 August.
A plan to scrap an exemption on taxing foreign employment income is not a “crazy proposal” when compared with other jurisdictions, the head of tax and financial sector policy at South Africa’s National Treasury has said.
Taxpayers in South Africa have less than a month to come clean and regularise any undisclosed or unauthorised foreign assets or income before the country’s Special Voluntary Disclosure Programme (SVDP) ends on 31 August.
Summer in the UK this year has been a brief affair, so it comes as no surprise that nearly two-thirds of British expats think about the weather when planning their moves abroad. But sunshine isn’t the only factor prospective expats should consider.
Liquidators for collapsed Isle of Man-based property investment firm Louis Group have said that, following legal advice, they will not pursue claims against Louis Group IoM’s insurers, its parent company in South Africa or founder Alan Louis, reports local newspaper IOM Today.
South Africa’s Financial Services Board (FSB) has taken action against a large number of individuals who cheated or facilitated cheating on exams to become qualified financial planners.
Specialist long-term savings provider Hansard Global has continued to grow on a year-on-year basis despite a halt in new business expansion from the Middle East and Africa region in the fourth quarter.
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