New tax laws look to limit the benefits afforded to South Africans who are emigrating.
National Treasury has published the Taxation Laws Amendment Bill for public comment, which will affect South Africans looking to emigrate.
Concerning local retirement funds, a taxpayer can claim a tax deduction for contributions – limited to 27,5% of their taxable income, or R350 000 – every tax year. “In essence, they go from being a person who is liable to tax in South Africa on all worldwide amounts, to being liable to tax only on amounts that arise from a source in SA. SARS must confirm one’s non-resident status following an application by the taxpayer – i.e., it is not automatic.”
“Their tax year as a non-resident began on 1 June 2022 and ended on 28 February 2023 . Both tax years fall within a single 12-month tax period.” Still, National Treasury has proposed that contributions made to a local retirement fund or tax-free savings account in the year that the taxpayer ends their residency will be capped from 1 March 2024.
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