Hong Kong and South Africa Sign Comprehensive Double Taxation Agreement (CDTA)
Hong Kong and South Africa have signed an agreement, on 17 October 2014, for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. This agreement sets out clearly the allocation of taxing rights
See MoreSouth Africa: SARS Reminds Employers Of ETI Refund Process
The South African Revenue Service (SARS) has reminded employers that the legislation that set up the Employment Tax Incentive from January 1 this year also includes a refund process. The Employment Tax Incentive Act and the draft amendments to this
See MoreSouth Africa and Lesotho revised Double Tax Treaty (DTA)
South Africa and Lesotho signed a double tax treaty on September 18, 2014 to replace the one that has been effective since
See MoreSouth Africa: SARS Issues Draft Guide On Special Trust Taxation
The South African Revenue Service (SARS) has published a draft guide on the taxation of "special trusts," which has been prepared to helps users in gaining a more in-depth understanding of their taxation, with particular reference to income and
See MoreSouth Africa Launches First Islamic Bond
South Africa launched sub-Saharan Africa's first Islamic bond, paving the way for issues by other countries in the region. National Treasury has announced that, following the entry into force of tax provisions for Islamic financing at the beginning
See MoreSouth Africa: SARS Issues Tax Incentive Guide On UDZ
The South African Revenue Service (SARS) has published a tax guide regarding Urban Development Zone (UDZ) tax incentive. In 2003, the UDZ incentive was announced in the form of an accelerated depreciation allowance under the income tax code to
See MoreSouth Africa: E-services in South African VAT
Despite the potentially limitless scope of the VAT law, the VAT Act was recently amended to specifically include foreign suppliers of “electronic services” as subject to South African VAT. South Africa will apply VAT to supplies of electronic
See MoreSouth Africa: Tax authority proposes to revise “secondary adjustment” treatment
South African tax authority has been proposed that South Africa’s transfer pricing legislation relating to “secondary adjustments” be amended. The proposal placed to the Draft Tax Laws Amendment Bill 2014. Generally, a “secondary
See MoreSouth Africa: VAT Update 2015
A number of changes of South African VAT are coming from April 1, 2015. This is the additional part to the recent B2C digital services VAT registration changes. The following changes will be taken place in the upcoming policy; Removal of the
See MoreSouth Korea- No Budget for 2014
South Korea's Minister of Strategy and Finance revealed that the government will not introduce a supplementary budget in fiscal year 2014. The government is not planning any additional budget and measures will be included in the budget for
See MoreSouth Africa: Davis Tax Committee Proposes Tax Reforms For SMEs
The Davis Tax Committee (DTC), which was set up by the South African Ministry of Finance in July 2013 to make recommendations for possible tax reforms, has released an updated interim report for public comment covering the following issues regarding
See MoreSouth Africa: Special focus on certain areas this tax season
Retirement fund contributions, medical aid claims, income protection policy contributions and taxpayers who submit revised returns for previous years will be given special attention by the SARS for tax season 2014. The South African Revenue Service
See MoreSouth Africa: SARS announces Tax Season 2014
Tax Season 2014 for South Africa has been announced by the South African Revenue Service (SARS) which is started from 1 July, 2014. This is an important co-relation between government and taxpayers who make a vital contribution to the country’s
See MoreSouth Africa and US signed IGA
The Government of US and South Africa signed an inter-governmental agreement (IGA) on June 9, 2014. The provision of reciprocal exchange of information includes in the agreement, where financial institutions in South Africa require report
See MoreSouth Africa and United States signed agreement to share tax information
U.S. Ambassador to South Africa Mr Patrick H. Gaspard and South African Minister of Finance, Mr Nhlanhla Nene signed an intergovernmental agreement, on June 9, 2014, to improve international tax compliance and to implement the Foreign Account Tax
See MoreSouth Africa: Issues new VAT rules
The South African Revenue Service (SARS) has on 2 May 2014 issued a new regulation setting out the circumstances under which indirect exports may qualify for zero rating and explaining when a Value-Added Tax (VAT) refund may be due on the export of
See MoreSouth Africa Consults on Alcoholic Beverage Taxes
South Africa has issued a discussion paper for comment on taxation of alcoholic drinks. This document looks at the issue of whether a uniform tax should be imposed on alcoholic drinks rather than a separate excise duty for different types of
See MoreSouth Africa – The 2013/14 Revenue Exceeds Expectations
The South African Revenue Service (SARS) published information on 1 April 2014 in respect of the outcome of tax collection for the fiscal year 2013/14. This indicates that ZAR 899.7 billion was collected, an increase on the year before. Although the
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