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 […]
Are friendly offshore jurisdictions really that friendly?
In an environment where taxpayers are not confident in their “return on investment” domestically and where something like the National Health Insurance financing system instills more worry than comfort, those who can afford to, are looking to hedge their bets elsewhere. . Portugal, amongst others, has been a popular jurisdiction for South Africa’s as a […]
Are you a trustee? Urgent attention required
Amendments to the Trust Property Control Act and new reporting requirements introduced by SARS to enhance transparency, reporting and compliance and to comply with recommendations from the Financial Action Task Force (FATF) to eventually get South Africa off the grey list, mean an onerous and huge burden on trustees. Firstly, trustees have to collect, […]
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 […]
When does an heir have a right to their inheritance
When you loved one passes away and you have been bequeathed an asset in their will that does not mean you automatically become the owner of the inherited asset or have a right to the inherited asset on date of their death. Section 35(12) of the Administration of Estates Act 66 of 1965 states […]
An alternative method of placing non-tax residency on record
Up to recently you could declare your non-tax residency in your tax return (submitted via eFiling) or by requesting a certificate of residence from the South African Revenue Service (“SARS”) by completing a specific form (RAV01). In both instances, the person must be registered for income tax purposes with SARS. In light of the above, […]
SARS and my tax residency status when I now live outside South Africa
I left South Africa (“SA”) after school to study abroad. I accepted a job offer in the United Kingdom (“UK”), where I was studying, after my graduation. I have been living outside SA ever since. I recently married a UK resident and plan to stay in the UK permanently, and only return to SA on […]
Tax call to action: Make sure
With reference to BusinessTech’s article dated 9 July 2021, the South African Revenue Service (“SARS”) has sent letters to 275 high net-worth individuals (“HNWIs”) with financial assets abroad. We have recently published a blog post alerting our clients to the newly established HNWI unit by SARS and forewarning of the said letters. Click here […]