South Africa
Latest in South Africa
New double tax agreement between Mauritius and Kenya
Following a tumultuous start, a new Double Taxation Agreement (DTA) has been ratified between Kenya and Mauritius. While some details still need to be finalised, this bodes well for investors who want to diversify their portfolios into Africa. Background: Why the previous treaty was not finalised The original treaty became…
Cryptocurrency: tax treatment and exchange controls in South Africa
The South African Revenue Service (SARS) is of the view that the current tax framework and normal income tax rules are wide enough to apply to cryptocurrencies – see the SARS media release of 6 April 2018. SARS’S stance on the tax treatment of cryptocurrencies. SARS has not published an…
South African Yachting Crew. How to plan your affairs
The world’s yachting management business is large and attracts staff from around the world. The South African contingent has been growing considerably of late, not least because it offers an opportunity to work with limited passport and visa issues. The question arises though, as to how to optimize that opportunity…
SOUTH AFRICA: Budget 2017 – Exchange Control Relaxations for Intellectual Property Transactions
Before the speech of the 2017 South African Budget, South African residents were prevented from selling, transferring or even assigning an IP to a non-resident without prior approval being obtained from the SA Treasure Bank, and obtaining such approval to export IP was not an easy task. South Africa first…
South Africa and United Arab Emirates sign new Income Tax Treaty
On the 23rd November 2015, a new Income Tax Treaty was signed between South Africa and the United Arab Emirates (UAE). The treaty generally follows the OECD Model (2008). The maximum rates of withholding tax are: 10% on dividends and 5% if the beneficial owner is a company the capital…
South Africa: Special Voluntary Disclosure Programme In Respect Of Offshore Assets And Income
In his Budget Speech on Feb 24 2016, the South African Minister of Finance announced what has been called a “Special Voluntary Disclosure Programme”. The program looks very similar to previous amnesties offered in respect of offshore assets and applies in respect of both Income Tax and Exchange Control, although…
South African Exchange Controls: A Planning Perspective
South African exchange controls were introduced into South Africa in 1978, and despite having been relaxed over the years, remain as firmly entrenched as ever. Certainly when I started work as an articled clerk in 1986, my principal at the time informed me that they would be abolished shortly. 30…
South Africa Hong Kong Double Tax Treaty
On the 20th October 2015 the double tax treaty between South Africa and Hong Kong entered into force. The Treaty applies from 1 January 2016 for South Africa and 1 April 2016 for Hong Kong. Interesting points to note about the treaty are: Withholding taxes on dividends are reduced to…