Taxation of international executives
South Africa does not have a social security system, per se. However, similar taxes do apply, such as Unemployment Insurance Fund Contributions, Skills Development Levies, Compensation for Occupational Injuries and Diseases Levies, and so on. Certain of these do not apply to expatriates in certain instances. No totalization agreements have been entered into.
South Africa does not impose wealth tax. However, estate duty and donations tax are levied in relation to deceased estates and donations made to non-qualifying persons or institutions, for residents.
Is there a requirement to declare/report offshore assets (e.g. foreign financial accounts, securities) to the country/jurisdiction’s fiscal or banking authorities?
There is a requirement for provisional taxpayers to declare all assets in their annual tax returns – both local and foreign. There is no separate foreign financial asset reporting requirement.
A global survey of income tax, social security tax rates and tax legislation impacting expatriate employees.
All information contained in this publication is summarized by KPMG Services (Pty) Ltd, the South African member firm affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity, based on the South African Income Tax Act 58 of 1962 and subsequent amendments; the Tax Administration Act 28 of 2011; Interpretation Notes and Rulings issued by the South African Revenue Service from time to time; applicable South African and relevant global case law.
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