“We are aware of your foreign accounts!”
This might not be news to those with expertise in the taxation field, but for the rest of you Saffas cooling your heels in parts exotic, SARS has issued a Five Year Compliance Drive this month, which includes all South Africans residents working in foreign countries.
Pravin Gordhan mentioned in his Budget Speech this year that SARS is going to target all South Africans working abroad. Since these announcements various changes have been brought about regarding the responsibilities of the South African individual, company, trust and/or cc with foreign interests.
So, if you’re a South African working or living abroad, how will this affect you? Here’s the skinny.
Two things you must comply with:
The above factors apply even though:
The SARS Commissioner released Five Year Compliance Plan this month.
Should you be an employer who employs South African residents abroad, there are significant changes affection your EMP501 (Employees Tax Reconciliation) which is due at the end of the month.
Said the SARS Commissioner, Oupa Magashula, at the start of April, “Call us, or we will call you”.
Questions? Don’t worry, you’re not alone. Grab yourself a Starbucks, or a Costa, or whatever passes for coffee over there, and check out these sources of assistance.
You can call the SARS National Call Centre here: 0800 00 7277
International callers can call this number: +27 11 602 2093
Or give the peeps at Capitax a call, they might be able to clear the clouds of confusion for you.
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