As a result of the amendment to the foreign income exemption, in the Income Tax Act, many South African seafarers and yacht crew are sailing close to the wind, often in an effort to find a means and reasons not to pay taxes in South Africa. One of the many reasons used by South African […]
With the effective date drawing closer, South African expatriates and their employers have little time to come to grips with the looming “expat tax” and how it will affect them when it comes into effect on 1 March 2020. Those who fail to understand this tax amendment that will bring considerable change to the South […]
Recently SAPeople asked the experts in their fields to answer South Africans’ seafarer questions about working on super yachts, to ensure you got the best answers to your queries.
With all the uncertainty around the change in the foreign employment exemption taking effect from 1 March 2020, more and more people are realising that they need to take care of their taxes more diligently.
As published in the files folder of the SAFFA Facebook group are the various SARS interpretation notes related to the SA tax act that governs how you are taxed on any forms of income made.
As published in the files folder of the SAFFA Facebook group are the various SARS interpretation notes related to the SA tax act that governs how you are taxed on any forms of income made. For now we will concentrate on remuneration in the form of salaries earned as an employee on a vessel. Note […]
The number of South Africans leaving the country on a permanent basis has increased “exponentially” and many are opting for the island life in Mauritius, not only for its beauty, but certainly for greater financial and tax security.
If you’ve ever dreamt of becoming a seafarer and travelling the world aboard a super yacht, or if you already have that dream position, here are some top tips from South African experts on how to get and keep your job, your sanity and your newfound wealth! Lauren Norton, Director of Trilogy Luxury Training, spent 12 […]
Seafarers versus SARS As most know by now, SARS is grappling to increase revenue for their coffers, looking to South Africans who earn foreign income to subsidise the deficit. As of 1 March 2020, the amended exemption on foreign employment income, being section 10(1)(o)(ii) of the Income Tax Act No. 58 of 1962 (“the Act”), […]