Cape Argus E-dition

KNOW THE RULES FOR SENDING YOUR RANDS OFFSHORE

National Treasury has placed more emphasis on tax compliance for South Africans who transfer funds out of South Africa and has removed certain exchange control measures, most notably the financial emigration process, which ended in March 2021, says Tim Powell, director of foreign exchange at Sable International. He says South Africans leaving the country are required to notify SARS when they become a non-tax resident – a process called tax emigration. The changes can have implications especially for high-net-worth individuals and South Africans with worldwide assets at the date of departure from South Africa, as tax emigration can trigger a capital gain event.

PERSONAL FINANCE

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2021-10-16T07:00:00.0000000Z

2021-10-16T07:00:00.0000000Z

http://capeargus.pressreader.com/article/282218013978622

African News Agency