South Africa: SARS publishes “Guide on Income Tax and the Individual 2014/15”
The South African Revenue Service has issued an updated version of its “Guide on Income Tax and the Individual 2014/15” on 28 August 2015. The purpose of this guide is to inform individuals who are South African residents of their income tax
See MoreSouth Africa: SARS issues guide on valuation of assets for Capital Gains Tax purposes
The South African Revenue Service (SARS) has recently published an updated guide on the valuation of assets for capital gains tax (CGT) purposes. This guide provides general guidance on valuations. The guide issued by SARS does not go into the
See MoreSouth Africa: Parliament ratified Cyprus-South Africa amending protocol
The South African parliament ratified the amending protocol between Cyprus and South Africa on May 20, 2015. The treaty was signed on 1 April 2015. The protocol modifies the Cyprus - South Africa Income and Capital Tax Treaty
See MoreMauritius: Signing of MOU with South Africa
South Africa and Mauritius have signed a memorandum of understanding (MOU) on 22 May 2015. Following the signature of the MOU the revised Double Taxation Agreement between the two countries is expected to become effective from 1 January 2016. To
See MoreSouth Africa signs protocol to amend tax treaty with Cyprus
The amending protocol to the Income and Capital Tax Treaty (1997) between South Africa and Cyprus was signed on April 1,
See MoreSouth Africa: SARS Issues Tax Guide For Non-Residents
The South African Revenue Service (SARS) has issued a tax guide for the tax treatment of South Africa-sourced income of non-residents. The guide mainly focuses on employment income. Non-resident individuals are required to register with SARS and
See MoreSouth Africa-Swaziland VAT mutual assistance agreement entered into force
The value added tax mutual assistance agreement between South Africa and Swaziland entered into force on 27 March 2015, which was signed on 4 December
See MoreQatar and South Africa signed Income Tax Treaty
An income and capital tax treaty between Qatar and South Africa has signed on 6 March
See MoreSouth Africa: Proposal to ChangeTransfer Pricing Documentation and CFC Rules
The South African Finance Minister Nhlanhla Nene proposed new transfer pricing documentation and reporting rules and proposed to revise controlled foreign company (CFC) rules relating to the digital economy, in his budget speech for 2015. The
See MoreSouth Africa: Tax Proposals In Budget 2015
South Africa has increased income tax rates for the first time in 20 years. The first increase since 1995, the move is likely to be unpopular with the public and businesses suffering from persistently lacklustre growth since the 2009
See MoreSouth Africa: Tax Free Savings Accounts from 1 March 2015
South Africa's National Treasury has published the final Notice and Regulations that allow for the introduction of tax-free savings and investment accounts (TFSAs) from the start of the next tax year on March 1, 2015. The main objective is
See MoreSouth Africa & Barbados- The Tax Information Exchange Agreement Enters Into Force
The Tax Information Exchange Agreement (TIEA) between South Africa and Barbados has been approved by Parliament in terms of section 231(2) of the Constitution; the date of entry into force is 19 January 2015. The agreement was signed on September
See MoreSouth Africa: SARS Issues Draft Tax Interpretation Notes On HQs, Currencies
The South African Revenue Service has issued two draft tax interpretation notes for public comments regarding special tax relief for the regional headquarter companies of foreign multinationals, and on the application of foreign-currency conversion
See MoreSouth Africa-US FATCA Agreement Enters Into Force
The South Africa-United States FATCA Model 1A Agreement (2014) entered into force on 28 October 2014. The agreement was signed on 9 June 2014. Under the agreement, the US Government collects information regarding certain accounts maintained by
See MoreSouth Africa: SARS Releases Draft Guidance On Tax Breaks For Headquarters Companies
The South African Revenue Service (SARS) on February 12 2015 released draft guidance on tax incentives for headquarters companies, designed to encourage MNEs to local operations in South Africa as a gateway to African investment. The guide briefly
See MoreSouth Africa: Transfer Pricing Adjustments Regarding Withholding Tax Obligations
Under the income tax act, section 31(3), South Africa provide that any adjusted amount for transfer pricing and thin capitalization purposes, prior to 1 January 2015, constituted a deemed loan. The adjusted amount plus interest deemed to have
See MoreSouth Africa and India: Protocol to treaty enter into force
The amending protocol for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income between India and South Africa enters into force entered into force on 26 November 2014. The protocol generally applies
See MoreSouth Africa: Information Exchange Agreement With Cook Islands Enters Into Force
The exchange of information agreement relating to tax matters between Cook Islands and South Africa entered into force on January 8, 2015. In the case of the Cook Islands, the treaty covers the personal income tax, the company income tax, the
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