12 March 2020
Cape Town
On February 26th, 2020 our Finance Minister Tito Mboweni was brave enough, and so openly “bragged”, to go where others feared to go and came close to abolishing old-fashioned exchange control (Excon) measures resulting in blocked assets and blocked accounts. Could we see the closure of entire bank divisions dealing with blocked accounts? This is yet to be seen; time will learn as to the fate of existing blocked accounts.
Why simply financially emigrate based because a product punter offered a free meeting? There is nothing like a free lunch to grasp a free marketing opportunity! Did the product salesperson share tax expertise or marketing skills? Aha, #FINANCIALEMIGRATION was sold a product to get rid of #ExpatTax2020, despite SARS stating it is not the answer!!
Don’t worry, not too late. Trusted tax practitioner can fix the eFile/Tax profile errors created by proponents of financial agreements. #Tax2020Truth.
Hugo presented a paper, on this topic at the 2020 FISA AGM, held in Cape Town. Next presentation FISA Bloemfontein 16 April 2020.
What does the announcement signify to the #financialemigration” fraternity and short-lived industry?
The SA Reserve bank press release or Circular 2 of 2020, can be downloaded from the www.resbank.co.za page