FAQ: Is the WTI applicable to interest due and payable for the quarter ending March 2015?
Interest due and payable for the quarter ending March 2015 (January, February and March) will only become due and payable at the end of March 2015. As the interest for the quarter is due and payable after the effective date, the withholding tax will be determined on the total interest due and payable for that […]
FAQ: Is the WTI applicable to interest due and payable before the effective date but only paid after the effective date?
No, as the interest is due and payable before the effective date no withholding tax would be required to be withheld when the payment of the interest is made. See “When is the WTI levied?”
FAQ: When does accrual of interest occur?
Interest will accrue at different accrual periods as contractually agreed between the parties, that is, either monthly, bi-monthly, quarterly etc. For example, where it is contractually agreed that interest will accrue on a quarterly basis and be paid at the end of that quarter then the interest only becomes due and payable at the end […]
FAQ: What is meant by “due and payable”?
For an amount to become due and payable, the amount must not only be owing, but due to be paid. The right to claim payment of interest will be dependent on the contract that has been drawn up between the parties.
FAQ: When is the WTI levied?
The withholding tax must be withheld when any interest is paid to a non-resident on or after the effective date of 1 March 2015. Interest for the purpose of the withholding tax is deemed to be paid on the earlier of the date when the interest is paid or becomes due and payable.
FAQ: Who can be appointed to change my banking details?
The following persons, may be appointed to change your banking details on your behalf: Requestor with mandate: Personal Assistant/Clerk/Administrative officer to the tax practitioner, Tax Consultant, Director, Fund Administrator, Secretary, Attorney, Advocate, Legal Advisor, Auditor, Bookkeeper; etc. A Representative with a once off mandate won’t be able to change banking details on eFiling if he/she […]
FAQ: Will non-residents be required to declare interest subject to withholding tax on their income tax returns?
Under normal circumstances they will not have to since they are not tax resident in South Africa and section 10(1)(h) exempts the interest from normal tax. However, if the provisions of section 10(1)(h) are not met the interest will have to be declared on the return, in which case the interest should be exempt from […]
FAQ: I will be starting to work overseas, but have never worked in South Africa nor registered for tax. Will I need to register and pay tax while working overseas?
South Africa has a residence-based tax system, which means residents are, subject to certain exclusions, taxed on their worldwide income, irrespective of where their income was earned. By contrast, non-residents are taxed on their income from a South African source. Foreign taxes proved to be payable to a foreign government may generally be credited against […]
FAQ: What will the effect of CGT be when calculating the deduction for donations, medical and retirement fund contributions?
The impact of a taxable capital gain on the calculation of certain deductions is as follows: Donations Under section 18A(1) of the Act a person is entitled to a deduction for qualifying donations to the extent that they do not exceed 10% of taxable income. Since a taxable capital gain forms part of taxable income […]
FAQ: I can’t access eFiling on my Linux operating system, as I can’t install the latest version of Flash?
We are aware of this issue, and as a workaround, you can install the Chrome browser on your Linux operating system. The Chrome browser has built-in plugins for the latest Flash version.
