Tax

Cross-border set-offs and South African exchange control: a risk multinationals cannot ignore

Multinational enterprises (MNEs) doing business in South Africa should take note of an aspect of the country’s Exchange Control Regulations, 1961, that is frequently overlooked – settling cross-border obligations by way of set-off without prior regulatory approval is prohibited in the country.

From compliance to competitive advantage: PwC marks 10 Years of tracking tax transparency in South Africa

SARB tightens excon requirements for non-residents with dramatic implications for SA and the JSE

Recent changes to South Africa's exchange control manual will discourage new foreign investment into South Africa, incentivise existing non-resident investors to divest from South African assets, reduce liquidity on the JSE, and may prevent non-resident investors from accessing their South African income for weeks or even months, increase transaction costs and administrative complexity for legitimate investors and create a competitive disadvantage compared to other emerging markets.

National Treasury reconsiders repeal of foreign retirement benefit exemption after SAIT submissions

The South African Institute of Taxation (SAIT) welcomes the National Treasury’s decision to partially withdraw the proposed repeal of Section 10(1)(gC)(ii) of the Income Tax Act, a move that safeguards South Africa’s attractiveness as a retirement destination and mitigates potential harm to the local economy.