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The South African Revenue Service (SARS) accepted the increased revenue collection estimate announced by Minister of Finance, Mr Enoch Godongwana. In his 2023 Budget Speech, the Minister increased the revenue estimate to R1.69 trillion, an increase of R93.7 billion from the 2022 February Budget statement.
The end of February sees the tax year draw to a close – an opportune time to ensure that your tax affairs are up to date, and to consider taking full advantage of the government’s tax incentives, which encourage us to save.
There may be a strange game of chess being played with taxpayers who are trying to cease their South African tax residency, with the result of keeping them “trapped” as tax residents for no legitimate reason.
Are financial advisers ready for the combined impact of COFI and AI?