National Treasury and the South African Revenue Services (SARS) have published draft legislation on South Africa’s tax laws, which proposes significant changes that will impact South Africans looking to emigrate.
The bill has been under significant scrutiny over the last couple of weeks, as it includes the addition of an ‘exit tax’ levied on retirement funds at the point of emigration, say tax experts at specialist advisory firm Tax Consulting SA.
As a result, taxpayers working abroad or planning an exit from South Africa would now be affected by an additional exit tax, and are having to relook at their retirement savings if they plan to leave South Africa after March 2022.
