CMV Group – Accountants & Legal Consulting

THE IMPLICATIONS OF FINANCIAL EMIGRATION

THE IMPLICATIONS OF FINANCIAL EMIGRATION Financial emigration is the process whereby individuals earning mostly/only foreign income financially emigrate from South Africa for foreign exchange control and taxation purposes, without giving up their South African citizenship. By financially emigrating from South Africa and living in another country, you will not be classified as a South African […]

EXPAT TAX COMES INTO EFFECT 1 MARCH 2020

EXPAT TAX COMES INTO EFFECT 1 MARCH 2020 The amendments to the Income Tax Act come into effect on 1 March 2020. Currently, South African tax residents working abroad do not pay income tax in South Africa on foreign income earned. This applies if they have spent 183 days during a 12-month period abroad, with […]

SA EXPATRIATES: GET READY FOR CHANGES IN 2020

SA EXPATRIATES: GET READY FOR CHANGES IN 2020 Working abroad has proved a lucrative prospect for many South Africans, especially in countries where they don’t have to pay employment income tax. If they also qualify for exemption in SA, they effectively pay no tax on their foreign earnings. But all this will change on 1 […]

PROVISIONAL TAX – 28 FEBRUARY 2019

Provisional tax is not a separate tax from income tax. It is a method of paying the income tax liability in advance, to ensure that the taxpayer does not remain with a large tax debt on assessment. Provisional tax allows the tax liability to be spread over the relevant year of assessment. It requires the […]

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