WJ Mitchell Blog

From 1 January 2021, there is no longer a prohibition on loop structures in South Africa. This is a significant exchange control relaxation that will impact many structures for both corporates and individuals, says Peter Dachs, executive at law firm ENSAfrica.

In a nutshell, if you’re planning on relocating, or have already moved abroad, financial emigration from South Africa can help you access and transfer your financial assets out of the country. However, this type of formal emigration does not mean that you are automatically considered a non-resident ...

National Treasury has responded to some of the key changes proposed in its Draft Tax Law Amendment Bill (TLAB) and Draft Tax Administration Laws Amendment Bill (Draft TALAB) – including questions around emigration and harsher punishments for taxpayers.

We found a list of acronyms and accounting terms commonly used by Tax Consultants and Accounting Professionals. Feel free to refer back to this page whenever you need to.

On Friday, 31 July 2020, SARS released a batch of SMSs to taxpayers stating that an ‘auto-assessment’ had been issued. The outcome of the assessment was provided in the SMS and the taxpayer was directed to eFiling or the SARS MobiApp to accept or edit the ‘auto-assessment’.

More than one million taxpayers have already been alerted by the South African Revenue Service (Sars) that they have been auto-assessed for the 2020 tax year. Sars has used third party data to pre-populate these taxpayers’ returns.