South Africa: SARS clarifies tax exemptions for national ships
The South African Revenue Service (SARS) issued Interpretation of Note 131 on 29 April, 2024, which addresses the exemption of income associated with South African ships utilised in international shipping. This aims to support the growth of a
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South Africa offers tax relief for new solar panels up to 25% back
On 8 March 2024, the South African Revenue Service (SARS) released guide for claiming this benefit under the new Section 6C of the Income Tax Act. South African residents can now claim a tax credit for installing brand new solar panels on their
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South Africa: SARS releases tax court judgment clarifying arm’s length principle regarding royalty payments
On 6 March 2024, the South African Revenue Service (SARS) published online the tax court Judgment concerning Case No. IT 14302, providing clarification on how the arm’s length principle is applied in transactions involving related parties. The
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South Africa: Finance Minister presents the Budget for 2024
On 21 February 2024, Enoch Godongwana, South Africa's Minister of Finance announced the budget 2024. Key tax highlights from the 2024 budget following: Enforcing the global minimum corporate tax: The OECD/G20 Inclusive Framework on Base Erosion
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Singapore: Finance Minister presents the Budget for 2024
On 16 February 2024, Mr. Lawrence Wong, Deputy Prime Minister and Finance Minister, presented the Budget Statement for the year 2024 in Parliament. Some of its most significant Budget 2024 overview of tax measures are summarized below: For
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South Africa releases 2023 tax Acts with significant amendments
On 22 December 2023, the South African Revenue Service officially published the 2023 tax acts, marking a substantial reform in the country's fiscal landscape. The key acts include the Taxation Laws Amendment Act, 2023 (Act 17 of 2023), the Tax
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South Africa: SARS issues updated guide on taxation
On 1 November 2023, the South African Revenue Service (SARS) issued an updated guide on taxation. This guide providing a high-level overview of the most significant tax legislation administered in South Africa by the Commissioner for the South
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South Africa: SARS updates guidance on tax rates, duties and levies
On 24 August 2023, the South African Revenue Service (SARS) issued a latest guide for tax rates, duties and levies (Issue 16). The latest version of the SARS guide for tax rates, duties, levies include following: Corporate tax
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South Africa publishes a draft legislation to implement APA program
On 31 July 2023, the National Treasury of South Africa proposes a draft legislation to implement advance pricing agreement (APA) program. An APA program offers taxpayers an enhanced level of assurance when engaging in significant international
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South Africa invites public comments on draft tax bills and regulations
On 31 July 2023, the National Treasury and the South African Revenue Service (SARS) released the 2023 Draft Tax Bills and Draft Regulations. The purpose of the 2023 Draft Tax Bills and Draft Regulations is to implement the tax recommendations that
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South Africa: SARS updates interest rate tables
On 11 July 2023, the South African Revenue Service (SARS) has published updated interest rate tables . the interest rates tables are given below in three separate documents, numbered according to the following three categories: Table
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South Africa issues interpretation note on definition of associated enterprise
On 17 April 2023, the South African Revenue Service (SARS) published an interpretation note 128 on the definition of “associated enterprise”. This note provides guidance on the interpretation and application of the definition of “associated
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South Africa announces ten-year extension of R&D tax incentive
On 22 February 2023, the Minister of Finance has announced the extension of the section 11D tax incentive for research and development (R&D) in South Africa for another 10 years, until 31 December 2033. This incentive allows companies to claim a
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South Africa: Finance Minister delivers Budget 2023-2024 in parliament
On 22 February 2023, the South African Finance Minister presented the Budget 2023 in the parliament providing following tax proposals related to corporate taxation: Expansion of the renewable energy tax incentive: Under the expanded incentive,
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South Africa: SARS updates interest rate tables
On 27 January 2023, the South African Revenue Service (SARS) has published updated interest rate tables . the interest rates tables are given below in three separate documents, numbered according to the following three categories: Table
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South Africa: SARS issues new transfer pricing guidance for intra-group loans
On 17 January 2023, the South African Revenue Service (SARS) issued Interpretation Note 127 that explains how to calculate the taxable income of certain individuals or entities involved in international transactions, specifically in regard to loans
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South Africa introduces reduced income tax rates
On 16 January 2023, the National Treasury of South Africa published a media statement regarding the publication of the country's 2022 tax acts in the Official Gazette. Personal Income Tax Personal income tax rebate has been amended, i.e., a
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South Africa: BEPS MLI enters into force
The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into force for South Africa on 1 January 2023. With regard to the double taxation agreements between South Africa and
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