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  • Taxation on Business Income
  • Pensions and Annuities Taxation
  • Income Tax
  • Tax Number

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Income Tax

Posted on May 1, 2022May 6, 2022 By admin

South Africa has a residence-based income tax system which has the effect that –• a resident’s worldwide taxable income is subject to income tax in South Africa; and• a non-resident’s taxable income from sources within South Africa is subject to tax inSouth Africa.The South African government has entered into tax treaties with various countries, to…

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Blog, Education

Taxation on Investment Income

Posted on April 2, 2022May 6, 2022 By admin

Dividends and foreign dividendsDividends received by or accrued to a person, whether the person is a resident or a non resident, from South African resident companies are generally exempt from normal tax undersection 10(1)(k)(i). A dividend which is subject to normal tax because of its inclusion in incomeis exempt from dividends tax under section 64F(1)(l)….

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Blog, Education, News

Pensions and Annuities Taxation

Posted on March 2, 2022May 6, 2022 By admin

Pensions exempt from normal tax [section 10(1)(g), (gA), (gB) and (gC)]The following amounts are exempt from normal tax in South Africa:• War veteran’s pensions [section 10(1)(g)].• Compensation relating to diseases contracted by persons employed in miningoperations [section 10(1)(g)].• Disability pensions paid under section 2 of the Social Assistance Act 59 of 1992[section 10(1)(gA)].• Compensation paid…

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Blog, Education, south africa

An Overview of South African Revenue Service

Posted on February 21, 2022May 6, 2022 By admin

South African Revenue ServiceThe South African Revenue Service (SARS) is South Africa’s tax collecting authority.Established under the SARS Act as an autonomous agency, SARS is responsible foradministering the South African tax system and customs service.SARS’s responsibilities are to –• collect and administer all national taxes, duties and levies;• collect revenue that may be imposed under…

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Blog, Education, News, south africa

Taxation for Insurance and Mining Companies

Posted on February 3, 2022May 6, 2022 By admin

Insurance companiesShort-term insurance (section 28)The ordinary rules for the determination of taxable income also apply to a short-term insurer.Short-term insurers are allowed to deduct expenditure incurred in respect of their business ofinsurance, premiums on reinsurance and the actual amount of a liability incurred for anyclaims, less any claims recovered. In addition, allowances for unexpired risks,…

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Taxation on Business Income

Posted on January 2, 2022May 6, 2022 By admin

Business incomeBusiness income received by or accrued to a non-resident from carrying on a trade or businesswithin South Africa is taxable in South Africa. The taxability of the income may be affected bya tax treaty.Income derived from any business or trading activity carried on by a resident outsideSouth Africa will be subject to normal tax…

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Blog, Education

Important information on Tax Exempt Institution, Section 18A donations and Solidarity Fund donations

Posted on October 2, 2021May 6, 2022 By admin

How do I claim S18A deductions on the ITR12 return?To claim donations made by the donor in a personal capacity, the following questions must be answered on the return wizard:Do you want to claim donations made to an approved organization(s) in terms of s18A?How many organizations did you donate to?Upon answering these questions, the donation…

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Blog, Education, south africa

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  • Taxation on Business Income
  • Pensions and Annuities Taxation
  • Income Tax
  • Tax Number

The four biggest banking groups in South Africa are Standard Bank Group, FirstRand Ltd (which operates First National Bank), Absa Group, and Nedbank Group. These four banking groups provide more than 80% of banking services in South Africa. National banks have branches across South Africa.

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