First publisched by: http://www.bcbadvisory.com/formal-emigration-not-advisable-for-all/
Formal or financial emigration is the process to formally change your exchange control status from resident to non-resident. It is also sometimes known as Excon Exit.
Financial emigration will not affect a South African’s right to retain their South African citizenship or dual citizenship. It is thus a purely financial process.
Following financial emigration from South Africa, a person can remain tax resident in SA, based on the time spent in the country and subject to the double taxation agreement (DTA) in which the person will be living in future.
Ex-pat Pensioners residing abroad (not having formally emigrated) can now extract their monthly pension and retirement annuity income from South Africa (SA) without the need of a tax clearance certificate, despite living abroad as so called temporary non-residents.
This Webcast is scheduled for Wednesday, February 27, 2013 at 14:00 South African time.
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In terms of the collection process, South African Revenue Services (SARS or the equivalent of IRS and HMRC, the competent taxing authority in SA) expects all provisional taxpayers to be either 80% or 90% correct in the end February provisional tax estimate, compared to the final assessment or IT34.
Draft rules to be promulgated under section 103 of the Tax Administration Act, 2011 (Act No. of 2011), prescribing the procedures to be followed in lodging an objection and appeal against an assessment or a decision subject to objection and appeal referred to in section 104(2), procedures for alternative dispute resolution, the conduct and hearing of appeals, application on notice before a Tax Court and transitional rules
When you take amnesty or use the voluntary disclosure route, do come clean, totally clean. You just can be half dead or half pregnant. Jail is jail as lying is lying.
“According to HM Revenue & Customs, Roderick Smith of Wigan in the UK, said he had only one offshore account while using HMRC’s Offshore Disclosure Facility in 2007 and failed to mention 11 further accounts. HMRC said Smith’s business partner Stephen Howarth also failed to disclose any of his accounts during the campaign.”