Lees in Afrikaans | Inguqulelo ngesiXhosa Minister of Finance, Mr Tito Mboweni, delivered the National Treasury’s budget for 2020/2021 this afternoon. The following amendments stand out: Above inflation adjustment to personal income tax brackets. (This was not done last year)
Read MoreAs a general rule, South African tax residents are taxed in South Africa on their worldwide income. Relief is however provided through an exemption introduced in 2000 aimed at preventing double taxation by exempting foreign earned income provided that certain
Read MoreTax residents of South Africa are subject to donations tax. The act of giving away an asset or disposing thereof at less than its market value, motivated by sheer generosity or disinterested benevolence, could amount to a donation. Donations tax
Read MoreAs of 7 December 2018, SARS will start imposing administrative penalties in respect of outstanding Corporate Income Tax Returns going as far back as the 2009 year of assessment. These penalties range from R250 to R16 000 per month, or
Read MoreThe 2018 National Budget revealed a proposed increase in the “official rate of interest” as set out in the Income Tax Act. Increasing the official interest rate increases the individual tax burden, including discouraging low interest loans from employers and
Read MoreContributed by Hayley Ivins-Downes, Lightstone Many postulated that foreign ownership in the local property market would decrease this year, however, an analysis of current foreign ownership in South Africa shows an increase of 42% in January 2018 compared to the
Read MoreInvoices for municipal services are usually issued after the services have been rendered. Therefore, if invoices for services actually rendered during March 2018 are issued for payment on or after 1 April 2018, VAT will be charged at 14%. VAT
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