Workshop: National Treasury and SARS Workshop on Foreign PensionsAttendee: Jeneen Galbraith Proposed Removal of Foreign Pension Exemption The workshop centred on the proposed repeal of the foreign pension exemption in section 10(1)(gC)(ii) of the Income Tax Act. This exemption currently allows South African residents to receive certain foreign pensions tax-free. What Was Discussed Economic & behavioral impact: Loss of policy […]
Foreign Pension Update Read More »
Dear Sir / Madam, Comment on Draft Taxation Laws Amendment Bill, 2025 – Removal of Foreign Retirement Fund Exemption (s10(1)(gC)(ii)) Introduction We thank SARS and National Treasury for the opportunity to comment on the proposed repeal of section 10(1)(gC)(ii) of the Income Tax Act No 58 of 1962 “ITA”, dealing with lump sums and annuities
Letter to SARS: Comment on Draft Taxation Laws Amendment Bill, 2025 Read More »
(and how to make yours bullet‑proof) Section 10(1)(q) of the Income Tax Act lets employers fund staff education (or their children’s/relatives) without triggering PAYE, while still claiming a normal business deduction. Get the paperwork wrong, though, and the “bursary” becomes a taxable fringe benefit. Similar deductions are claimable under Section 10(1)(qA) for disabled employees. Its
Why “bona fide” employee bursaries still beat a cash raise Read More »
The recent increase in VAT by 0.5% has significant implications for businesses and individuals, particularly for ongoing transactions that have not yet been completed. Understanding the “time of supply” is crucial, as it determines when VAT liability is triggered. The time of supply is the earlier of the invoice or the receipt of the payment.
Practical applications of the new VAT increase from 15% to 15.5% Read More »
If you’re planning to officially cease your tax residency in South Africa, there are several key steps and requirements you’ll need to navigate. As more South Africans take their financial plans abroad, understanding SARS’s recent updates on tax residency is essential.
Thinking of saying goodbye to South African tax residency? Here’s what you need to know. Read More »
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