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Don't let the taxman tax you twice

Jul 25, 2017
 
sable-international

Come March 1 2019, every South African working abroad may be taxed in South Africa on their foreign employment income. If you are a 25% taxpayer in the foreign country, those equivalent earnings in South Africa would be subject to 45% tax. The foreign worker may then face a further tax bill of 20% in South Africa.

"Many South Africans working abroad may still be deemed to be ordinarily resident in South Africa. If you’re not deemed to be an ordinarily resident in South Africa, the proposed changes to the act would not affect you. The onus is on you to demonstrate this fact to the South African Revenue Service." Said Head of Wealth at Sable International, Mike Abbott. 

Read the full article on Moneyweb

South Africa

Cape Town

Regent Square
Doncaster Road
Kenilworth 7708 +27 (0) 21 657 2120

Durban

25 Richefond Circle
Ridgeside
Umhlanga 4320 +27 (0) 31 536 8843

United Kingdom

London

Castlewood House
77/91 New Oxford Street
WC1A 1DG +44 (0) 20 7759 7514

Croydon

5-7 Selsdon Road
South Croydon
CR2 6PU +44 (0) 20 7759 7581

Australia

Melbourne

9 Yarra Street
South Yarra
VIC 3141 +613 (0) 8651 4500

Sable International is a trading name of 1st Contact Money Limited (company number 07070528), registered in England and Wales. We are authorised and regulated by the Financial Conduct Authority in the UK (FCA no. 517570), the Financial Services Conduct Authority in South Africa (1st Contact Money [PTY] Ltd - FSP no. 41900) and hold an Australian Financial Services License issued by ASIC to deal in foreign exchange (1st Contact Group - AFS License number 335 126).

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