South African legislation governing expatriate tax exemption is set to change dramatically from 1st March 2020, affecting South Africans worldwide. This includes anyone who has permanently settled in another country.
An amendment to the Income Tax Act will bring considerable change to the expat landscape as from March 1, 2020. Jean du Toit and Jonty Leon are the technical editors of the publication “Expatriate Tax – South African Citizens Working Abroad and Foreigners in South Africa”.
An amendment to the Income Tax Act will bring considerable change to the expat landscape as from March 1, 2020. Jean du Toit and Jonty Leon are the technical editors of the publication “Expatriate Tax – South African Citizens Working Abroad and Foreigners in South Africa”.
South Africans who are working abroad need to take note of a section in the Income Tax Act that allows them to claim a credit on their South African tax liability from any foreign taxes paid on the same income.
A recent amendment to section 10(1)(o)(ii) of the Income Tax Act, affecting South Africans working abroad, has resulted in major panic and concern. South African tax residents working abroad will now find themselves having to pay tax on their income insofar as it exceeds R1 million.
The capping of the “expat tax” exemption on 28 February next year has become a hot topic of conversation among South Africans who work outside of the country or who are considering availing themselves of supposedly lucrative foreign employment opportunities. A major benefit of these jobs has been the ability to use the exemption to […]