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Consider this your timely reminder that you have until November 23 to file your taxes online via eFiling.
Provisional taxpayers, including trusts, may file until January 31, 2022, via eFiling or the SARS MobiApp.
With that out of the way, let’s turn out attention to the so-called ‘exit tax’ proposed by the National Treasury as part of the recently published Draft Tax Bills.
The change would have a serious impact on those whose retirement plans involve moving abroad, so it’s being closely monitored by both tax experts and those considering emigration.
Despite the significance of the proposed change, the public isn’t exactly being kept up to speed, reports Moneyweb:
…we have not heard anything back from Treasury, which is concerning because we are mere months away from the proposed March 1, 2022 deadline…
The changes in the laws for expats clearly indicates Sars’s intent to reap its share of foreign income.
Tax experts have stated that the changes are somewhat impractical, and submissions opposing the proposed law have so far fallen on deaf ears.
The uncertainty has many taxpayers worried, especially given that SARS has become increasingly vocal about preparing to play hardball with those who don’t pay their fair share:
…expats must be aware of the realities of tax administration, and not forget that the onus remains on them to remain tax compliant.
Rather than to potentially or unintentionally subject themselves to criminal prosecution, they must take deliberate and careful steps to attend to their tax affairs and seek to conduct a tax diagnostic under the guidance of a provider with a strong tax and legal component.
Cape Town-based tax experts Galbraith | Rushby are on hand to offer advice on all matters tax-related, including those pertaining to the legalities around emigrating.
Make sure you have all those boxes ticked, and understand the tax implications of emigration, before you set foot on the plane.
[source:moneyweb]
