Financial Emigration: Should I stay, or should I go?

financial emigration should i stay or should i go

Sumary of Financial Emigration: Should I stay, or should I go?:

  • On the other hand, you might be planning to make your move a permanent one, in which case it might be wise to start looking at financially emigrating.
  • Under section 10(1)(o)(ii) of the Income Tax Act, No. 58 of 1962, expatriates received an exemption on all their worldwide earnings.
  • In 2017 National Treasury sought to repeal this exemption to limit double non-taxation, where South Africans were not taxed in their country of residence, nor in the country where they were sourcing their income.
  • This exemption was deemed too generous by the National Treasury, particularly for South Africans working in countries with low- or no-income tax.
  • This repeal was opposed in Parliament by the Expatriate Tax Petition Group who were represented by Tax Consulting South Africa.
  • Expatriates are often advised incorrectly and operate on the assumption that they do not have to submit tax returns because there is a DTA in place with the country where the income is being sourced.

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