South Africa: SARS publishes revised capital gains tax guide

Posted on Updated on

The South African Revenue Service (SARS) has released a revised tax guide regarding capital gains tax (CGT). The tax guide provides guidance on CGT for companies and individuals for the 2017 year of assessment (YA), which covers the period from March 1, 2016, to February 28, 2017.

From October 1, 2001, CGT is effective and applies to the disposal of an asset on or after that date. For determination of the capital gains tax payable by a company the net capital gain is multiplied by the inclusion rate. The rate of CGT was 66.6% for assessment years commencing on or after March 1, 2012 and for years before that it was 50%. For the 2017 year of assessment an individual’s capital gains tax rate is 40 percent of the net capital gain.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s