The Phatshoane Henney Group – South Africa’s largest legal network – established specific Group BEE Standards in 2015 as part of the Group’s commitment to transformation and diversity. Every two years, progress by Group firms in advancing transformation is measured against these standards across the entire Group and consolidated in a Group Transformation Report for the period in review. With Group firms spending in excess of R400 million on BEE and transformation during 2018 and 2019, this Group Transformation Report for the periods 2018 and 2019, confirms the substantial progress being made across the Group in advancing transformation and shows how the Group sets the standard for transformation in the legal industry.
Navigating financial emigration
In recent years, South Africa has seen a notable rise in financial emigration. This shift comes with significant tax implications, as individuals who cease to be tax residents must navigate complex regulations and financial considerations. Understanding these implications is crucial for anyone considering this move. Financial emigration refers to the formal process by which South African taxpayers alter their tax residency status, change their status with the South African Reserve Bank (SARB) for exchange control purposes and relocate their financial assets to other countries. This often involves transferring wealth, investments, and retirement funds offshore. The South African Revenue Services now mainly oversees this process, allowing individuals to terminate their tax residency in South Africa while effectively transferring their finances overseas.
