Although usually behind the global curve, South Africa seems to be keeping pace with the current Bitcoin trend. This is positive, as we are living in an increasingly digital world with it only being a matter of time before currency too, became digital.
With financial institutions now directly reporting interest income to the South African Revenue Service (SARS), an increase in the number of cases where individuals are receiving tax assessments on income that does not belong to them, has become evident.
In terms of section 25 of the Tax Administration Act, 2011, Commissioner for SARS Tom Moyane promulgated Public Notice 547, which sets out the requirements for which persons how to submit income tax returns for 2017 year of assessment. In terms of section 25 of the Tax Administration Act, read with section 66(1) of the […]
Sayonara to Tax Free Earnings The proposed amendment to section 10(1)(o)(ii), the exemption section referred to often as the so-called 183-and-60-day rule aims to limit the current tax-free earning situation of South African tax residents working abroad. Under the current regime, taxpayers who are resident in the Republic and earn an income under a foreign […]