I'm moving back to South Africa after 5 years but have forex investments abroad, I will be transferring the profits to my south African bank account monthly once I am back, how will I be taxed for this? if I keep the money abroad will it change things?
As a South African taxpayer you will be subject to tax on all your worldwide income regardless of where the income is situated. However if there is any tax paid in another country then you will be entitled to set this off against any South African taxes payable. The actual capital of the foreign investments will not be subject to tax, only future income earned.
Get Tax Deadline Reminders, News and Tips
We'll tell you when you need to file, along with tax tips and updates.