BADGER
MICHAEL AVERY: Hogwash and informed journalism — setting the record straight
There are many reasons to diversify offshore, but deception around a change of course on the road to full exchange control relaxation is not one
I’m no apologist for SA Revenue Service (Sars) commissioner Edward Kieswetter, nor am I a praise-singer for the SA Reserve Bank, though I believe both are organisations of towering institutional strength in a crumbling state. However, when hogwash is published in the guise of informed journalism it’s important to set the record straight.
Some of my colleagues in the financial media have earned reputations for fearmongering based on misinformation in the tax and exchange control space. This dates back to a move by Sars to cap the exemption contained in section 10(1)(0) of the Income Tax Act, where from March 1 2020 South Africans working abroad would only enjoy the previously unlimited exemption capped at R1.25m of their remuneration...
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