09 Mar 2020
The SA Expatriate tax law amendment took effect on the 1 March this year and could have serious consequences for many South African expatriates living and working abroad, if they have not yet sought tax advice.
The amendment could see South African expats that earn an income of more than R1 million a year, pay SARS up to 45% tax on their global earnings. This includes benefits such as flights and accommodation. This would have the biggest impact on expats working in some middle east countries where very little or no income tax is applicable.
Nigel Green, CEO of International financial advice firm deVere, says “By taking the right advice as quickly as possible, you can mitigate that tax liability. South Africans have a fantastic opportunity if they do take the right advice to reduce their taxation and to make sure they secure their financial future”
It is not too late. There are many possible solutions and options available to help mitigate your tax liability.
It is advisable to contact your deVere Acuma consultant to discuss your personal SA expat tax implications, or contact us on [email protected] and we will put you in touch with your nearest deVere Acuma branch.
For complex tax advice, they will put you in touch with deVere Tax consultancy, a separate subsidiary of the deVere Group.
Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere Acuma adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.