South african income tax act 2011 pdf

General law amendment act 49 of 1996 income tax act 28 of 1997 south african revenue service act 34 of 1997. The act has gone through numerous amendments with the act presently in force is the income tax act no 58 of 1962 which contains provisions for four different types of income tax. The income tax act 58 of 1962 the vat act 89 of 1991 the customs act 91 of 1964 interpretation of statutes. On 3 november 2017, the tax court handed down its decision in b v the commissioner for the south african revenue services case no. Taxable income rate of tax all taxable income from south african source 33 per cent of taxable income. It has set the standard for others to follow and emulate. In 1997, however, provisions were introduced in the act to tax residents of the republic on their worldwide passive investment income. South africa has recently amended section 31 of the income tax act 58 of 1962. Refinement of section 7c 29 august 2017 in brief section 7c of the income tax act, 1962 act no.

Find fundamentals of south african income tax in south africa. Income tax act and subsidiary legislation revised edition showing the law as at 31 december 2009 this is a revised edition of the law, prepared by the law revision commissioner under the authority of the law revision act, cap. The consolidated income tax act is available, in a pdf version, under the tax heading on the university of pretoria, laws of sa consolidated legislation website. End of service benefit therefore constitutes ones gain from employment and as such is subject to tax in ghana. Mitigating climate change through the income tax legislation. All information contained in this document is summarized by kpmg services pty ltd, the south african member firm affiliated with kpmg international cooperative kpmg international, a swiss entity, based on the south african income tax act 58 of 1962 and subsequent amendments. Income tax act act 17 of 1966 in force 1st january, 1967. Sars administers a wide range of legislation in terms of part 1 and schedule 1 to the south african revenue service act, 1997.

Namibia has a source based system of taxation with the result that namibian residents are, save for some exceptions, only taxed on their namibian income while foreign residents are taxed only on the income generated within namibia. With acts you are guaranteed the latest and most up to date resource for your legislative needs. In accordance with the income tax act, 2015 act 896 a persons income from an employment is all of that persons gains and profit from that employment unless it is specifically exempted by the tax laws. Interest deductions on such debt instruments used in respect of reorganisation transactions will only be allowed if special application is made to the south african revenue service sars for a directive allowing such interest deductions section 23k3, or if a specific prescribed exclusion applies section 23k9.

Income received by or accrued to a nonresidents from a source within south africa the income tax treatment of overseas income application of oecd model double tax treaty to given situations explanation of antiavoidance regulations double taxation relief available to individuals. Hedron publishers of notes on south african income tax. Tax administration act 28 of 2011 southern african legal. View gumtree free online classified ads for fundamentals of south african income tax and more in south africa. Section 3 of the income tax act, 1962, is hereby amended by the substitution in subsection 4 for paragraph b of the following paragraph. Prior to 1 march 2020, foreign employment income is fully exempt provided the same days requirement is met.

Retirement funds, the south african retirement fund tax system could be. Current rates for retirement lump sum withdrawal benefits. Foreign employment income as from 1 march 2017, interestfree or low interest loans to a trust by a. Income tax act 58 of 1962 south african government. Taxable income rate of tax all taxable income from south african source 33 per cent of taxable income table xiv. Tax administration act 28 of 2011 south african government. South african institute of chartered accountants integritax newsletter income tax and vat acts online the income tax act, 1962, valueadded tax act, 1991 and other tax acts may be accessed on the sars website the consolidated income tax act is available, in a pdf version, under the tax heading on the university of pretoria, laws of sa consolidated legislation website. Dividends received from domestic companies are generally exempt from income tax. Acts online provides legislation, including amendments and regulations, in an intuitive, online format. The section treats interest which is incurred by a company during a year of assessment tax. Fundamentals of south african income tax in south africa. It is the national governmentas main source of income and is imposed by the income tax act no. Saipa 2017 final south african institute of professional.

Schedule 3 amendment of legislation affected by this act tax administration act, no. The pay now, argue later principle applies in income tax or valueadded tax collection procedure after the south african revenue services has concluded an assessment in terms of the tax administration act. Select which acts to search my lexisnexis legislation. Description reference to income tax act, 1962 amount primary rebate section 62a r10 755. Lump sum benefits upon retirement or death until the february 2007 budget announcement of the abolishment of the tax on retirement funds, the south african retirement fund tax system could. Notes on south african income tax is written by phillip haupt, a leading tax consultant in south africa. Given under my hand and the seal of the republic of south africa at.

Republic of south africa updated 10 april 2018 republic of south africa transfer pricing country profile updated april 2018 summary reference the arms length principle 1 does your domestic legislation or regulation make reference to the arms length principle. Our covid19 community guidelines tips, advice and news related to trading on gumtree during the covid19 crisis. Income tax and vat acts online the income tax act, 1962, valueadded tax act, 1991 and other tax acts may be accessed on the sars website. Income tax in south africa was first introduced in 1914 with the introduction of the income tax act no 28, an act that had its origins in the new south wales act of 1895. Section 24c of the income tax act, no 58 of 1962 act provides for an allowance in respect of future expenditure to be incurred under a contract. What makes notes on south african income tax exceptional is its relevance to real world tax problems. South africas tax system is determined by the laws that the commissioner of sars must administer. These provisions were introduced in the act to protect the south african tax base from the effects of the relaxation of the exchange control provisions that came into effect on 1 july 1997. The tax implication of ceasing to be a south african tax resident is that the taxpayer is deemed to have disposed of all capital assets other than immovable property in the republic or assets attributable to a permanent establishment of the republic. Development act south african revenue service act, no. Cliffe dekker hofmeyr future expenses deductible now a. Rates 20042005 20052006 20062007 20072008 20082009 20092010 20102011 0 74 0 00 18% 0 80 0 00 18% 0 100 000 18% 0 112 500 18% 0 122 000 18% 0. Explanatory memorandum organisation of south african law.

South african rand by applying the average exchange rate for the year of assessment. For 30 years notes on south african income tax has been the leading tax textbook and tax reference book in south africa. The nonprofit company can be established with or without members, but it must have at least three directors companies act section 3 1. Arrangement of sections sections chapter 1 definitions 1. Section 31, as it reads below, is effective from 1 april 2012 and applicable in respect of years of assessment commencing on or after that date. September 2011 notice issued in terms of section 415 of the income tax act, 1962, the act prescribing the circumstances under which a return of a transaction or distribution must be furnished to the commissioner in terms of section 415 of the income tax act, no.

Taxable income from benefits rate of tax not exceeding r22 500 0 per cent of taxable income. Subparagraphs g, h, i and j of paragraph 60 of schedule 1 come into operation on the date on which part viii of chapter ii of the income tax act, 1962, comes into operation. Act to provide for the effective and efficient collection of tax. Income tax is a tax levied on all income and profit received by a taxpayer which includes individuals, companies and trusts. Mar 02, 2018 section 24c of the income tax act, no 58 of 1962 act provides for an allowance in respect of future expenditure to be incurred under a contract. Phillip haupt deals with complex tax problems, and works predominantly with audit firms, law firms, businesses and high net worth individuals. Proposed repeal of foreign employment income exemption july 26, 2017 in brief south african residents are entitled to an exemption for remuneration received or accrued with respect to services rendered outside south africa pursuant to section 101oii of the income tax act, 1962 act no. South african tax legislation south african revenue service sars is responsible for collecting tax. Definitions chapter 2 generaladministration provisions part a 10 in general 2. A critical analysis of the implementation of the pay now, argue later principle by sars as provided by section 164 of the tax administration act 28 of 2011. Income tax act 21 of 1995 income t ax act 36 of 1996. The taxation laws amendment bill, 2007, introduces amendments to the estate duty act, 1955, the income tax act, 1962, the customs and excise act, 1964, the stamp duties act, 1968, the valueadded tax act, 1991, the revenue laws. The south african companies act of 2008, which came into force on may 1, 2011, provides for the incorporation of a nonprofit company, which is recognized as a separate category of company.

Income tax act 21 of 1995 income t ax act 36 of 1996 revenue laws amendment act 46 of 1996 general law amendment act 49 of 1996 income tax act 28 of 1997 south african revenue service act 34 of 1997. Notes on south african income tax 2011 order formv2. The following acts are examples of the primary legislation sars administers. We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders. Amendments to s66 ita in respect of the period covered by the income tax return in the year when a saresident taxpayer becomes nonresident s2723. The 2011 edition the 30 th edition will be available on the 10 of january 2011, and will be couriered when. A critical analysis of the implementation of the pay now.