South Africa: Finance Minister proposes to increase capital gain tax rate in Budget 2016-2017
The Budget for 2016-17 was presented to Parliament by the Minister of Finance on 24 February 2016. The effective rate on capital gains tax for individuals will rise from 13.7% to 16.4%, and for companies from 18.6% to 22.4%. The rate will be
See MoreSouth Africa: SARS announces to implement country-by-country reporting requirement
In line with the OECD base erosion and profit shifting (BEPS) initiative (action 13), effective 1 January 2016, South Africa Revenue Service (SARS) has announced that it will implement country-by country (CbC) reporting. The CbC report is the third
See MoreSouth Africa: SARS issues revised guide on the determination of medical tax credits
The South African Revenue Service (SARS) has issued a revised Guide on the Determination of Medical Scheme Fees Tax Credits and Additional Medical Expenses Tax Credits. This guide provides general guidelines regarding the medical scheme fees tax
See MoreDTA between South Africa and UAE signed
A tax treaty between South Africa and United Arab Emirates has been signed on 23rd November 2015 in
See MoreHong Kong-South Africa tax treaty entered into force
The agreement between Hong Kong and South Africa for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income has entered into force. The agreement was signed in October last year. It came into force on
See MoreSouth Africa: SARS issues revised tax guide for foreign workers
The South African Revenue Service (SARS) has revised its guide for individuals not resident in South Africa about the tax treatment of South Africa-sourced income. The guide addressed the point that foreigners working in South Africa are only
See MoreSouth Africa-Cyprus amending protocol entered into force
The amending protocol between South Africa and Cyprus regarding income and capital tax treaty entered into force on 18 September, 2015. The protocol was signed on 1 April 2015. Under amending the protocol, withholding tax on dividend payments is 5%
See MoreSouth 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
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