News

#RIPfinancialemigration

12 March 2020
Cape Town

simply do not FEOn 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.

fisa agm 2020Hugo 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 

Continue reading “#RIPfinancialemigration”

Tax 2020 Time lines for SA Expats

uae-tax-exit-summary.pdf

your ref:

#Tax2020Truth

WHAT TO DO?

Monday, 06 January 2020

UAE TAX EMIGRATION SUMMARY JANUARY 2020

our ref: UAE Tax Exit Summary.docx

General guidelines for South African Expats (#Saffas) or #Wegkaner – not employed by SA employer

There is great confusion as the solutions, products and tax process to be followed by Saffas residing AND working in the UAE (in possession of an Emirates ID card)

Foreign Earned Income refers to income from employment only, as defined in ITA section 10(1)(o)(ii)

Action points Continue reading “Tax 2020 Time lines for SA Expats”

#ExpatTax2020 #Tax2020Truth What’s your next? Tax Shock awaits but you have time for now, but act immediately

 

Online diary – secure your slot TODAY

You “emigrated” from South Africa! Really? You 100% sure? Does SARS agree? Wish to know how you can check up on SARS status?

Why not arrange to meet Hugo while he is in Dubai en Abu Dhabi? Even if you have not commenced the process, there is adequate time to find the most appropriate and affordable solution! Remember we can invite your SA accountant along to attend by phone!

My diary is online and the fees are fully transparent Continue reading “#ExpatTax2020 #Tax2020Truth What’s your next? Tax Shock awaits but you have time for now, but act immediately”

What Expats Must Do Before 1 March 2020 with Hugo van Zyl – PROpulsion Podcast

Ep. 16 – South African Expat Tax Changes and What Expats Must Do Before 1 March 2020 with Hugo van Zyl – PROpulsion Podcast
— Read on www.propulsion.co.za/ep16/

  • Your first tax payment – due 31 August 2020
  • Your first tax filing date – Probably late 2020 

Hugo van Zyl CA(SA) TEP MTP(SA) is well-known for his expertise in cross-border tax and financial planning.  It is no surprise that his colleagues refer to him as “ask Hue’Gle” when all other resources fail.  His track record speaks for itself. Continue reading “What Expats Must Do Before 1 March 2020 with Hugo van Zyl – PROpulsion Podcast”

SARS FAQ: Foreign Earned Income Exemption

#Tax2020Truth on the Capped Foreign Earned Income Exemption being R1 million as from 1 March 2020. First tax due 31 August 2020.

SARS now has a dedicated page dealing with:

FOREIGN EMPLOYMENT INCOME EXEMPTION

Continue reading “SARS FAQ: Foreign Earned Income Exemption”

#taxmigration vs. #financialemigration

And the scoreboard reads:

#taxmigration                    10        

#formalemigration              5         

#financialemigration       0 (failed)

Eventually, we have SARS buy-in and confirmation that formal emigration is not a tax act process.

Yes, SARS punched the punters of financial emigration, a bloody if not deadly blow! Continue reading “#taxmigration vs. #financialemigration”

Resident – the South African Conundrum for UAE based Expats

The conundrum faced by most South Africans

Do not believe the articles and publications suggesting all SA Expats face a new tax charge as of 1 March 2020 (#Tax2020)

Only SA tax residents not having completed tax emigration (#taxmigration) not necessarily #FinancialEmigration, need to consider the new rules. Continue reading “Resident – the South African Conundrum for UAE based Expats”

Expats – the questions you should be asking

Looking for the last blog? Follow this link

How foreign employment income tax will impact South African expats

Blog updated 3 February 2019

#Expats

– the questions you should be asking

Expats living outside SA must first answer the following questions before they agree to emigrate financially: Continue reading “Expats – the questions you should be asking”

How foreign employment income tax will impact South African expats

Do not believe the fear mongers suggesting you must emigrate formally to correct non-compliance.

Read more in The South Africa NewsPaper

Have questions? Make Contact with Hugo

The current hype into formal emigration being the absolute and final solution to escape the tax consequences of the new #Tax2020 rule has resulted in too many expats South Africans incorrectly opting for formal emigration. Continue reading “How foreign employment income tax will impact South African expats”