Overview

The concept of formal emigration or exchange control emigration, as recognized by the Financial Surveillance Department (Excon), was phased out as of 1 March 2021. This change impacted the early encashment of retirement annuities by non-residents. Recently, practitioners noticed a significant gap between Excon non-resident status and the tax concept of non-residency. SARS recorded a cessation of tax residency on the date the taxpayer left SA, disregarding the principles of being ordinarily resident and/or treaty tiebreakers. It could be argued that both SARB and SARS are acting outside their respective acts in ensuring compliance for residents and emigrants. Tax practitioners can ensure legally compliant workaround options and roadmaps by thoroughly understanding both SARB and SARS regulations, keeping abreast of legislative changes, and providing clients with strategic advice that aligns with current laws. Collaboration with legal experts in tax law and international tax treaties can also help create robust compliance strategies.

Webinar Content

• Residents - the gap between Excon and Income Tax Act definitions
  1. The SARS process for obtaining a letter confirming tax emigrant status.
  2. Financial Emigration was deemed a waste of time and money - everyone must now follow the SARS process.
• The role of the authorized dealer
  1. Their increasing demands, considering tax acts, banking acts, and AML (anti-money laundering) questions, especially now that we are on grey lists.
• Early encashment of retirement annuities by emigrants.
• AIT process - understanding the difference and significance between resident and non-resident applications.
• Distributions from a SA trust to be paid to a foreigner.

Competencies developed in this webinar

After attending this webinar, participants were able to:

• Understand resident vs. non-resident status (Tax).
• Ensure compliance post-emigration (Tax).
• Conduct pre-emigration planning (Exchange Control).
• Differentiate applications by residents vs. non-residents (Exchange Control).

Presenters

Hugo van Zyl

CA(SA) TEP MTP(SA), Cross-Border and Tax Specialist

Hugo is an experienced trainer, lecturer and "go-to" industry specialist. It comes as no surprise that SARS appointed him to lecture on capital gains tax and worldwide taxation based on residency. In the last six years, he has presented at least once a quarter, for anyone of the many professional bodies he belongs to.

Hugo is internationally known as @Wegkaner (on Twitter), taking special care of South Africans residing outside South Africa, or planning to relocate out of South Africa.

Based in Cape Town, he is proudly South African yet holds a United Emirates Residency permit, because of his UAE registered practice aimed at expats. Hugo's client base is global, includes intermediary firms, local and international financial institutions and often the powers to be at the professional regulatory bodies he belongs to.

Hugo was one of the first advisers able to assist South Africans living abroad, to emigrate and extract their retirement funds from South Africa formally, initially trading as FFI, after that TAXFORUM once upon a time being part of the emigration teams at Maitland, Cashkows (now FinGlobal) in Hermanus, Breytenbach Cross-Border Advisors (Cape Town) and more lately FNB's Fiduciary unit. The First Rand Bank stint was short yet a most exciting journey.

Hugo serves on the SAICA Tax Committees sub-committee dealing with SARB FinSurv (or Exchange Control) matters.

During 2018, providing advisory services using e-meetings and platforms were questioned. Yet, today in the Covid-19 era, Hugo's business model using online platforms became the norm. It is therefore not surprising that most his clients live outside South Africa and his in-depth understanding of the various double tax agreements, often leaves his foreign-based colleagues astounded. In South Africa, his local company provides much needed support and guidance to other small and medium-sized firms.

Mathys Briers-Louw

Mathys is an skillful attorney with both local and international legal academic knowledge. He was admitted as an attorney in 2014, marking the beginning of his successful career in the legal field. His expertise covers cross-border legal matters, exchange control, international money transfers and fiduciary services. Mathys provides top-notch legal services to individuals and businesses navigating the challenges of cross-border transactions.

Membership:

• Fiduciary Institute of SA (FISA)

Education:

• BComm Law (Stellenbosch)
• LLB (Stellenbosch)
• LLM in Transnational Business Practice (Pacific, McGeorge, USA)

CPD

Attending this webinar and the successful completion of the online assessment will secure a certificate of completion for 2 hours of Tax CPD.

Event Investment

Free for Tax Technicians, Tax Practitioner, Tax Accountant CPD subscribers and Practice Packages. Not a CPD subscriber yet? Click here to register now.

Regular price: R460.00

SAIT member special discounted rate: R368.00

Group booking discounts available when you register for a group.

Payments and cancellations

• All payments must be made by EFT or by credit card, at least 3 working days before commencement of an event.
• Kindly note that should payment not be received 2 days after the event, legal action will be taken
• Proof of payment will be requested at registration, if payment does not reflect on Taxfaculty`s bank account.
• Only written notice of cancellation will be recognized.
• Conditions:
  • If the cancellation occurs more than 4 working days prior to the event no cancellation fee will be charged.
  • If the cancellation occurs less than 4 working days prior to the event a 100% cancellation fee will apply.
• Delegates who book and fail to attend will be liable for the full event fee.
• Taxfaculty`s liability in the case of an event being cancelled will be limited to a refund or credit of the event fee.
• Please click here for the full terms and conditions.