#Tax2020 is effective as of 1 March 2020. As of South African tax year 2021, expats will be facing an additional tax on their now tax-exempt foreign earned income.
Is this taxing of expats such a simple matter? And will affected parties merely rol
l over and accept the fact that SARS will now tax expat South Africans, despite them having no ties to South Africa?
Not only does the topic appear to be complex, it is also emotive. Financial emigration wars have broken out. Most wealth advisers, payroll administrators, and financial and investment advisors are now told their clients will have to formally or financially emigrate from South Africa.
This two-hour webinarwill attempt to unpack the Act, as it was promulgated in December 2017 (effective as of 1 March 2020), and share some thoughts on the relevant 2019 foreign payroll and foreign remuneration tax policy changes (if any) to be announced by the new Minister of Finance.
Despite the new uncertainties, the webinarwill not only clarify the known issues, but will also ensure you know the difference between #Taxmigration and #financialemigration. You should also be able to guide your clients on the pros and cons of financial emigration.
Hugo will address the true, relevant issues of being tax resident or tax non-resident in terms of a tax treaty’s tie-breaker rules. What is the impact on tax emigration and the risk of availing to the UAE (Dubai) tax treaty benefit in the 2019 or 2020 tax year when the treaty has been in place for nearly three years? How will SARS deal with the overdue exit tax?
Hugo will also attempt to address some, if not all, of your questions on the ITA section 9HA exit (CGT) tax facing expats or who claim they should not be suffering the new capped R1 million foreign income exemption.