The South African Revenue Service (SARS) released the draft Taxation Laws Amendment Bill, 2013 on July 14, 2013. The proposed effective date of the legislation is from January 1, 2014.
The legislation introduces a revised tax regime for shipping including exemptions from income tax, capital gains tax, and dividends tax and cross-border withholding tax on interest. As a general matter, international shipping transport conducted by South African companies is subject to a corporate income tax rate of 28 per cent.
