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Tax exemption for foreign employment income

15 June 2016 | Tax

Globalisation has resulted in more South Africans working abroad. SARS recently issued a new draft Interpretation Note 16 on the requirements to qualify for the exemption in section 10(1)(o)(ii) of the Income Tax Act, 1962, which is the provision which exempts foreign employment income from normal tax. Interpretation Notes provide a useful guideline on how SARS may interpret tax provisions but are not binding on SARS or taxpayers.

To file or not to file

08 June 2016 | Tax

The South African Revenue Service has announced the due dates for the filing of South African income tax returns for individuals and trusts. The due dates vary and are dependent on the taxpayer “type” and the method used to submit the tax return.

SARS rules again on the capitalisation of loan accounts

06 June 2016 | Tax

The South African Revenue Service (SARS) has now issued a number of rulings on the matter of the “conversion” of debt to equity.

FISA and the Davis Tax Committee

03 June 2016 | Tax

In September 2015 FISA formally lodged a document containing its commentary on the 1st Interim Report issued by the DTC. In this Interim Report the DTC formalised its recommendations and proposals regarding the current status of wealth taxes and trusts in South Africa. The Interim Report was carefully perused by the FISA Council and after many deliberations formal feedback was lodged to the DTC. This document contains a summary of the most significant comments made by FISA.

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