FAQ: How is interest paid to a non-resident from a South African source taxed?
As from 1 March 2015 interest from a South African source paid to a non-resident will be taxed at a final withholding tax rate of 15%. See more information on Withholding Tax on Interest (WTI).
FAQ: When will a non-resident be required to submit a tax return?
Non-residents are taxed on income received or accrued from a South African source (such as annuities which accrue to a person as a result of services rendered in SA, rental income from property in SA or interest income from a local bank, etc.). If a non-resident receives income from a South African source, he or […]
FAQ: Am I required to submit an income tax return if I am a South African resident but I work overseas and I do not earn other income from a South African (SA) source except for exempt interest income from a South African source?
If you are a tax resident of South Africa, you are subject to tax on worldwide income, irrespective of where the income is earned. You may, however, qualify for certain tax exemptions (such as an exemption against interest received, or an exemption against foreign employment income). Should you be subject to tax in more than […]
FAQ: What qualifies an individual as a non-resident?
An individual is regarded as a tax resident of SA if he or she is ordinarily resident in South Africa or meets the requirements of the physical presence test. If neither of these apply, the individual will be regarded as a non-resident. For more information on these two tests, please refer to the Guide on the […]
FAQ: How and where must the VCC application form be submitted to?
The signed application form and relevant material can be submitted via the following methods: Email to [email protected] Post to SARS Large Business Centre Venture Capital Companies Private Bag X170 Rivonia 2128
FAQ: How can a company apply for a Venture Capital Company status?
An application (VCC001) form is available on the SARS website. The form must be completed and submitted to the SARS Large Business Centre together with the required relevant material.
FAQ: What is a Venture Capital Company?
It is a company that has satisfied the requirements stipulated in section 12J(5) of the Income Tax Act, No. 58 of 1962 and has been approved by SARS.
FAQ: Why has there been a change from medical tax deductions to medical tax credits?
The system of tax credits is fairer. All taxpayers, regardless of their level of income, derive an equal tax benefit because tax credits are fixed and are deductible against the normal tax payable, as opposed to simply reducing the taxable income. With the previous system of medical aid contributions, the higher the taxpayer’s income, the […]
FAQ: How is VAT calculated on imported goods?
VAT on imported goods is paid on the Added Tax Value (ATV) and this is determined as follows: Customs Value, plus any duty levied on the goods, plus 10 per cent of the Customs Value. VAT on imported goods from BLNS – Where imported goods have their origin in Botswana, Swaziland, Lesotho or Namibia (BLNS) […]
FAQ: What is “deemed medical contributions”?
Medical contributions paid by an employer for the benefit of an employee to a registered medical scheme will result in a taxable benefit in the hands of the employee. Although regarded as a fringe benefit (and thus gross income), the amount will also be regarded as a contribution made by the employee, and will be […]
