Connect with us

Africa

‘Expat tax’ modification defined | Globalnews24.eu

‘Expat tax’ modification defined | Globalnews24.eu

2020-02-14 04:00:38

JOHANNESBURG – The ‘expat tax’ means South African residents working internationally will solely be exempt from paying tax on the primary R1-million they earn overseas

READ: SARS new system targets tax dodgers

Jonty Leon, a authorized supervisor for Tax Consulting SA, defined the change is to an present part of the Revenue Tax Act that may tax residents working overseas for revenue exceeding R1-million.

In response to SARS, the exemption beneath part 10(1)(o)(ii) of the Revenue Tax Act applies to a South African tax resident who’s an worker and renders providers outdoors South Africa on behalf of an employer (South African or overseas) for longer than 183 full days in any 12-month interval in addition to a steady interval exceeding 60 full days outdoors South Africa in the identical interval of 12-months.

The exemption doesn’t apply to non-residents.

Leon suggested talking to a monetary skilled to cut back legal responsibility and set up how a lot must be paid.

Continue Reading
Advertisement
Click to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Select Category

START NOW

Advisting
Select Language »