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Generous proposed tax exemptions in the Taxation Laws Amendment Bill 2013 for South African shipowners will be encouraging for ship owners. These exemptions will, no doubt, encourage the South African Ship Register to become more sought after internationally.
The South African VAT system is destination based, which means that only the consumption of goods and services in South Africa is taxed. VAT is therefore mainly levied on the supply of goods or services in South Africa.
Employees earning remuneration are generally prohibited from claiming tax deductions for any expenditure other than those items listed in section 23(m) of the Income Tax Act (58 of 1962). This is in contrast to persons carrying on a trade independently of an employer.
The Minister has delivered his medium term budget speech for 2013 the content of which was as expected.
If you had to choose one approach to protect your hard-earned investment cash from today’s market madness, which would it be?