Financial Emigration
“In The Middle Of Difficulty Lies Opportunity” – Albert Einstein
Taxing worldwide income
– Effective date is looming
Financial emigration has become a buzz word in the tax industry as SARS will implement new legislation concerning expats that will come into effect from 1 March 2020 onwards. SARS will receive tax income from expats working abroad that especially earn income in tax haven regions of the world. There are various tax laws and DTA’s (Double taxation agreements) still guiding this process, but SARS wants to tax expats on their overseas income of +R1mil at 45% tax rate.
The Reason
– Increase tax revenue
The sad part to this process are two-fold:
– SARS are pressed to increase the taxes gained from various sources due pressure from government and therefore has disregarded the future benefits expats would have for the country in the long run. It could truly be a situation of cutting of your nose to spite your face. Expats will be generating much needed resources and knowledge that they would plough back into the country.
– The many so called “specialists” that climb onto the bandwagon during the past 2 years causing much fear, so that they can pocket financially through much uncertainty.
The Facts
– The fork in the road
We will be able to assist you entirely with the process to financially emigrate, although the process must be concluded before 1 March 2020 and each case must be evaluated on its merits. We do not operate in fear, but certainty and will give you the best advise depending on your current circumstances and prospects.
Peace of mind
– Increase tax revenue
Evaluating each case on its own merits.
– SARS are pressed to increase the taxes gained from various sources due pressure from government and therefore has disregarded the future benefits expats would have for the country in the long run. It could truly be a situation of cutting of your nose to spite your face. Expats will be generating much needed resources and knowledge that they would plough back into the country.
– The many so called “specialists” that climb onto the bandwagon during the past 2 years causing much fear, so that they can pocket financially through much uncertainty.
