SARS has lodged a Five Year Compliance Drive this month on all South Africans residents working in foreign countries. Pravin Gordhan mentioned in his Budget Speech that SARS is going to target all South Africans working abroad. Since these announcements various changes has been brought about regarding the responsibilities of the South African individual, company, trust and/or cc with foreign interests.
So as a South African resident working abroad, how will the changes affect you directly and immediately? You have to be informed to be able to make informed decisions.
TWO key factors you have to comply with;
You must be registered for Income Tax in South Africa or have an existing income tax reference number
You are compelled to submit an Income Tax Return EVERY tax year to SARS in which you have to declare your ‘worldwide’ income.
The above TWO key factors apply even though:
Your earnings qualify for the section 10(1)(o