grants and financial aid
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)….
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…
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,…