(The following article has been compiled on a bespoke basis by our associate tax expert, Robyn Rogers, for Dynasty clients) Much has already been written about the surprise change by SARS to the process to transfer funds abroad. This article has been written to provide more detail on the specific requirements under the new process…
Finance Minister Enoch Godongwana delivered his inaugural Budget Speech on 23 February 2022, the content of which has already been widely publicised and digested by different stakeholders. Of greater interest to us were certain Exchange Control amendments announced by the Reserve Bank after this date, which we believe to be of particular relevance to our domestic,…
Subsequent to the 2020 Budget Speech and the announcement of a shift from negative exchange controls to a capital flow management system to regulate cross-border capital flows, the Financial Surveillance Department of the South African Reserve Bank (“FinSurv”) issued Circular No. 2/2020 (“the Circular”) outlining in (marginally) more detail the proposed capital flow management measures…
As we correctly predicted, Tito Mboweni in this weeks budget speech decided against increasing the VAT and tax rates, in favour of reducing the government wage bill. Rather, he provided real income tax relief to individuals, in the form of above-inflation adjustments to all tax brackets and rebates, as well as a promise to reduce…
We have faced situations where distributions to beneficiaries of offshore trusts are problematic where the recipients are tax resident in various countries around the globe, such as the US, UK, Australia, Israel and Europe. We’ve asked Robyn to provide her expert insight, the first jurisdiction she is focussing on is the US, with the other…
With more and more people formally emigrating from South Africa, many because they have been advised that emigration automatically terminates one’s tax residency in South Africa, it is worthwhile revisiting how one ceases to be tax resident in South Africa and the South African tax obligations of the termination of South African tax residency. An…
With the change to the exemption for foreign-earned income coming into effect on 1 March 2020, many expatriates are being advised to financially emigrate in order to ensure that they are not taxed in South Africa on their world-wide income. Such advice is not necessarily correct and will depend on the factual circumstances applicable to…
A question I commonly encounter from persons with foreign trusts (the Applicant) who applied for relief under the recent Special Voluntary Disclosure Programme, 2017 (SVDP) is, “should I keep the trust?” The answer to this question, in my view, lies in understanding the benefits of the trust during the lifetime of the Applicant (if any)…
