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WHAT YOU SHOULD KNOW ABOUT THE SPECIAL VOLUNTARY DISCLOSURE PROGRAMME
The special voluntary disclosure programme (VDP) may seem similar to the “grey money” amnesty, but there are a number of differences. With the 2004 amnesty, you needed to declare tax for the previous and current tax years and pay a levy of 5 or 10% on your offshore assets, depending on whether you wanted to…
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DIVIDENDS TAX
Dividends tax is a tax levied on the shareholder at a rate of 15% on dividends paid. However, where a dividend in specie is paid, dividends tax is a tax levied on the company declaring the dividend. Dividends tax is normally withheld by the company paying the dividend and is payable at the end of…
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CAPITAL GAINS TAX (CGT)
Persons subject to CGT CGT is payable on capital gains that arise after 1 October 2001 by the following persons: Residents are subject to CGT on all assets including overseas assets; Non residents are subject to CGT on immovable property or any right or interest in a property situated in South Africa and any asset…
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VALUE ADDED TAX
The VAT system comprises of three types of supplies: Standard-rates supplies – supplies of goods and services subject to the VAT rate in force at the time of supply (currently 14%); Exempt supplies – supplies of certain services not subject to VAT. Vendors making exempt supplies are not entitled to input VAT credits; Zero-rated supplies…
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WITHHOLDING TAX
Royalties A withholding tax of 15% is payable when royalties from a South African source are paid to non-residents, subject to certain exemptions. Interest A withholding tax of 15% is payable when interest from a South African source are paid to non-residents, subject to certain exemptions.
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RESIDENCE BASED TAX
Residents are taxed on their worldwide income, subject to certain exclusions. Definition of resident Natural Person (see flowchart further in this guide) any natural person who is ordinarily resident in South Africa; or any natural person who is not ordinarily resident in South Africa but who: is physically present in South Africa for a period…
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TAX PRACTITIONER BENEFITS
The introduction of SARS’s single registration system means that tax practitioners are able to perform their work more easily and efficiently as all the tax affairs of their clients will be linked to their profile at SARS. Once fully operational, this will result in more benefits than limitations to tax practitioners. BENEFITS FOR TAX PRACTITIONERS:…
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