We have noted with concern the comments made on various posts about fake news. Some comments include listening to the whole budget speech and not finding any reference. Our only intention is to share the correct tax position, to allow proactive planning (as various legitimate planning opportunities will remain viable, through using international tax law, which SARS cannot legislate against) for affected South African expatriates abroad.
The budget speech contains various tax technical proposals. These are obviously not verbally announced, but they are still published with the speech. If you deal with tax, you will know they are the pre-cursor to law, and whilst not promulgated yet, the law process logically follow, as a policy decision has been made. For those who wish to validate as authentic. See http://www.treasury.gov.za/. Go to Budget 2017.
When you click thereon, select you will see the following and click on Tax Matters and Revenue Laws
Click on Annexure C – Additional Tax Policy and Administrative Adjustments
Go to page 8 (of 16) and see –
Please note the actual law amendment has not been drafted. Also, there is very good international tax planning which can be done to minimize your tax position, whilst remaining fully tax complaint. We will do additional updates as the law is published and to recommend tax planning and compliance considerations.