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With a new financial emigration regime at play from 1 March 2021, South Africans wanting to emigrate financially will need to prepare themselves for a tougher and more complex process in proving non-resident status with SARS.
SARS has discovered R400bn in offshore holdings owned by South Africans and is on the rampage to collect all taxes that it is owed on these assets. This means that South Africans who are currently working abroad need to particularly take note and ensure that they are compliant with all of SARS’ tax requirements.
With the effective date of 01 March 2020 for the ‘expat tax’ drawing closer, South African expatriates, their employers and tax advisors have little time to come to grips with the impact that this tax policy and law change will have on them personally.
Where a foreign expatriate takes up employment in South Africa, the resultant tax consequences can be very complex and demand a deeper understanding of South African and international tax.