South Africans living abroad to benefit from new tax law amendments
From 1 March 2020, income below R1 million earned by South Africans living abroad will be exempt from tax and any remuneration earned in excess of that will be subject to normal tax.
South Africans living abroad are now only obliged to pay for the first million of their foreign earnings.
Amendments to South Africa’s tax law came into effect on Sunday, which means ex-pat tax kicked in.
From 1 March 2020, income below R1 million earned by South Africans living abroad will be exempt from tax and any remuneration earned in excess of that will be subject to normal tax.
The ex-pat tax will affect South African tax residents who are outside the country for longer than 183 days during any 12-month period and a continuous minimum of over 60 days.
South Africans living in countries with no tax treaties with South Africa can claim from the South African Revenue Service where there has been double tax.
National Treasury said defaulters may have to pay a 200% penalty.
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Source: EWN
