Amended by tax administration laws amendment act 39 of 20 amended. The savings allow for tax deduction of 95ckwh saved on energy consumption. Schedule amendment of skills development act south african revenue service act, no. Notes on south african income tax is published annually. Each updated section contains the current tax changes, updates and ammendments and has become a vital tool in every professionals library. Putting this table together involved delving into a history of multiple rebates, capped variable rebates with deemed minimums, multiple tax tables, discrimination on the basis of race, and discrimination on the basis of marital status. Hedron publishers of notes on south african income tax. South african income tax tables 20 south african tax guide. Amended by employment tax incentive act 26 of 20 from 1 jan 2014. Merchant shipping international oil pollution compensation fund contributions act, no. With effect from 1 january 20 interest accruing to a nonresident from a south african source will be. Interpretation 1 in this act, unless the context otherwise requires. If there is no specific deduction provided for in the act for a certain item of expenditure. Acts online provides legislation, including amendments and regulations, in an intuitive, online format.
The following acts are examples of the primary legislation sars administers. The relationship between double taxation agreements and the provisions of the south african income tax act. The income tax act, 1962 act 58 of 1962 has been amended by the employment tax incentive act, 20 act no. With acts you are guaranteed the latest and most up to date resource for your legislative needs. Income tax act, 1962, on the allowance for energy efficiency savings and come into operation on 1 november 20. Select which acts to search my lexisnexis legislation. The nonprofit company can be established with or without members, but it must have at least three directors companies act section 3 1. This research report aims to fill the abovementioned gap, to benchmark the appropriateness of the small business tax. In compiling this publication, member firms of the pkf network have. For income tax purposes, this guide has been updated to include the tax administration laws amendment act 22 of 2018, the taxation laws amendment act 23 of 2018 and the. Taxation laws amendment act 31 of 20 south african. Sars administers a wide range of legislation in terms of part 1 and schedule 1 to the south african revenue service act, 1997. We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders.
Phillip haupt deals with complex tax problems, and works predominantly with audit firms, law firms, businesses and high net worth individuals. Income tax and vat acts online the income tax act, 1962, valueadded tax act, 1991 and other tax acts may be accessed on the sars website. Medical expense tax credits 12 national credit act 44 nonresidents 36 patent and intellectual property 49. The funding of a south african taxpayer with excessive intragroup, backtoback or.
The south african companies act of 2008, which came into force on may 1, 2011, provides for the incorporation of a nonprofit company, which is recognized as a separate category of company. With effect from 1 january 20 interest accruing to a nonresident from a south african source will be subject to a 15% withholding tax. It is the national governmentas main source of income and is imposed by the income tax act no. South africa has recently amended section 31 of the income tax act 58 of 1962. To consolidate the law relating to the taxation of incomes and donations. Evaluation of the source rules as contained in section. Pdf a framework for the income tax deductibility of intellectual. These are the fundamental laws to be read in conjunction with their respective regulations and finance acts. All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and imposition of tax act, 2015 central boards of revenue act, 1963 charitable and religious trusts act, 1920 charitable endowments act, 1890. Republic of south africa south african revenue service act office of the president no.
The south african revenue service sars comprehensive guide to capital gains tax issue 4 cgt guide indicates that value shifting. However, certain definitions, and the nature and purpose of the section, have led to. There, however, is a lack of literature evaluating these reforms. The form of tax that people generally associate with the concept of income tax is a. This act may be cited as the income tax act, 1973 and shall, subject to the sixth schedule, come into operation on 1st january, 1974, and apply to assessments for the year of income 1974 and subsequent years of income. Income tax is a tax levied on all income and profit received by a taxpayer which includes individuals, companies and trusts. However, a residence based income tax system is being proposed to come into effect on 1 january 2014. In terms of the south african revenue service act no. Notes on south african income tax is written by phillip haupt, a leading tax consultant in south africa. Search results for fundamentals of south african income tax 2014. Nonprofit law in south africa council on foundations. South african income tax rates from 1981 to 20 more recent rates are found on the current rates page. Finance act 20 finance act 2014 finance act 2015 finance act 2016.
South african revenue service act south african government. We are the leading resource for freely available legislation in south africa and are used. Pkf worldwide tax guide 20 iii preface preface the pkf worldwide tax guide 20 wwtg is an annual publication that provides an overview of the taxation and business regulation regimes of the worlds most significant trading countries. Income tax act 90 of 1988 income tax amendment act 99 of 1988 income tax act 70 of 1989 legal succession to the south african transport services act 9 of 1989. What makes notes on south african income tax exceptional is its relevance to real world tax problems. The south african revenue service, through section 24f of the income tax act, grants a deduction of the production cost of a film to the film owner. The book contains commentary which is not available in any other book on south african tax. Bill, 20 no mention was made of the potential repeal of s102 of the tla 2012, which provision. Tax administration act, 2011 gg 35491 of 4 july 2011 the act was implemented by proclamation with effect from 1 october 2012, save for the exclusions listed in the schedule to the proclamation, which should be read. The 20 tax statistics publication is compiled with the latest available data from the. Small business corporations and the income tax act section 12e. Refinement of section 7c 29 august 2017 in brief section 7c of the income tax act, 1962 act no. Section 31, as it reads below, is effective from 1 april 2012 and applicable in respect of years of assessment commencing on or after that date.
Proceedings of the 20 saaa biennial conference tax007. When any notice tariff amendments is published to amend any of the tariff items, headings or subheadings, rates of duties or levies, the relevant schedule is updated accordingly and replaced on the website. A 3% aids levy is imposed on the tax chargeable giving an effective. Evaluation of the source rules as contained in section 9 of the south african income tax act as relating to software in the context of the digital economy.
University of cape town,faculty of commerce,department of finance and tax, 2016 cited yyyy month dd. South african income tax guide for 201220 sa tax guide. Pdf the relationship between double taxation agreements and. The schedules to the customs and excise act, 1964 are commonly known as the tariff book and consist of schedules nos. Income tax in south africa was first introduced in 1914 with the introduction of the income tax act no 28, an act that had its origins in the new south wales act of 1895. Act 5 of 2001 is available in pdf format from the sars web site at sars. The act has gone through numerous amendments with the act presently in force is the income tax act no 58 of 1962 which contains provisions for four different types of income tax. It is hereby notified that the president has assented to the following act which is hereby published for general information. The consolidated income tax act is available, in a pdf version, under the tax heading on the university of pretoria, laws of sa consolidated legislation website. Retained income r650 000 sars income tax r 8 000 debit shareholder for dividends r180 000 transactions for the year. Handbook which obviously only deals with income tax acts, for income tax. Income tax act 58 of 1962 south african government. Evaluation of the source rules as contained in section 9. Applications concerning the attribution, allocation or apportionment of expenditure or input tax from an income tax or valueadded tax perspective, excluding a request for.