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Tax proposals for South Africans working overseas

Dear Investor

National Treasury believes that the 183-day threshold for South Africans working outside the country in order to avoid needing to pay income tax should remain in the proposed amendments to the tax laws.

National Treasury is in the process of repealing tax exemption laws on income earned by South Africans working overseas through two bills, the 2017 Taxation Laws Amendment Bill and the 2017 Draft Tax Administration Laws Amendment Bill.

If planned new legislation goes through Parliament, South Africans who work overseas could be taxed locally for foreign earnings from March 1 2020, but it seems as though an exemption from income tax on the first R1m may make this new proposed law more palatable for those who earn less than or just over that threshold.

Kind regards

The team at Intasure Life