Who (or what) emerged as king? An analysis of the Coronation-case:
The Constitution Court (“the Court”) had the final word on the Coronation Investment Management SA (Proprietary) Limited (“Coronation SA”) v Commissioner for the South African Revenue Service (“SARS”) case on 21 June 2024. The matter dealt with the Income Tax Act’s section 9D-exemption in relating to foreign subsidiaries of South African-based companies, i.e. controlled foreign […]
Budget Speech 2024: The unspoken words are louder
2024’s Budget Speech was as predictable as the sun rising in the east. No bracket creep, no increases, no risks taken in an election year. Despite the current economic climate, no stimuli was introduced to attract foreign investment which could lead to a broadened tax base. Quite worryingly, the piggy bank was broken open and […]
What is “exit tax” and when should I take it seriously?
When a South African tax resident ceases tax residency (e.g. emigrating on a permanent basis), there is a deemed disposal of his / her worldwide assets in terms of Section 9H of the Income Tax Act the day before cessation of South African tax residency for an amount equal to the market value of the […]
How do I externalise funds from South Africa – the new TCS process
Following the end of “emigration” as an exchange control concept in 2020, several changes have been effected by SARS and specifically its Tax Clearance Status (“TCS”) application process. The previous MP336 application which related to “emigration” was notorious for its red tape. It is trite that each taxpayer 18 years and older has a single […]
Another not-so-rosy incentive
The proposed tax relief for alternative energy included a rebate for individuals of the lower of 25% of the cost of solar panels or a maximum rebate of R15 000 regardless of the total cost of solar panels. This means that R60,000 would be the maximum amount of total spent on solar panels to potentially […]
The Budget Speech 2023 – The statistics speak for themselves
The Budget Speech 2023 was almost like looking at a photo after applying a good Photoshop filter – it was better than expected. In an era where we are desensitized on a daily basis on topics from loadshedding to everything else, even the markets did not flinch as a nod of appreciation. On the […]
Do you have children living overseas? 3 important pointers to consider
Domestic tax laws and fiduciary laws differ between countries. For example, some countries recognise trusts and others only recognise foundations. What you have planned for and reality may be vastly different because of the application of such laws. In a dynamic and increasing complex tax and fiduciary landscape, it is important to consider the […]
Latest update on Tax Transparency
Suzanne Smit, Chartered Tax Adviser from Fidelis Vox recently participated as a panellist in the annual Tax Indaba which is organized by the South African Institute of Taxation. What was evident from an offshore tax planning perspective, is that tax transparency remains front and centre on SARS’ agenda. The recently established SARS High […]
Externalising funds from SA: Trusts and individuals
Individuals: R10 MILLION FOREIGN INVESTMENT ALLOWANCE: Who: An individual taxpayer in good standing and over the age of 18 years. How often: Each calendar year. Requirements: Tax Clearance Certificate, SA ID. R1 MILLION SINGLE DISCRETIONARY ALLOWANCE: Who: An individual taxpayer in good standing and over the age of 18 years. How often: Each […]
Filing season 2022 – Estimated assessments to be issued
A meeting was held towards the end of April at SARS / Regulating Body level regarding Filing Season 2022. The new filing season will commence on 1 July 2022. It was confirmed in the meeting that 95% of non-provisional taxpayers will receive estimated assessments, and not ‘auto-assessments’ as in previous Filing Seasons. This may […]