You will never have to emigrate financially from SA
The Budget Review reveals you will now enjoy a higher foreign income exemption of R1.25m
26 February 2020 - 18:19
Financial emigration through the SA Reserve Bank is to be phased out from next year and the tax exemption on foreign remuneration you can earn as an SA resident will increase from R1m to R1.25m on March 1 this year, the Treasury announced in the Budget Review on Wednesday.
High income earners have been using financial emigration - which involves changing your status at the SA Reserve Bank from resident to non-resident for exchange control purposes – to prove they are not resident in SA for tax purposes and to avoid potential tax on their foreign remuneration...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.