Cap40 event: Nolands presentation introduction to SA income tax
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Join our community on: http://cap40.co.za/ Find more information about the event here: http://cap40.co.za/events/workshop-q-a-creating-a-business-in-south-africa?xg_source=activity Find all our event in video here: https://www.youtube.com/user/LeCap40 Conference & Workshop on Tax & Currency in South Africa with Cap40 at the Alliance Française of Cape Town Interview of Graeme Saggers Chartered Accountant at Noland and Graham Barratt CFX Sales Manager at Currencies Direct.
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Cap40 event: Nolands presentation introduction to SA income tax
- 1. Event organized by Join the community on cap40.co.za
- 2. Presented by: Graeme Saggers CA(SA) Nolands Advisory Services Business Wednesday Tax & Currency
- 3. • Who are we? • Types of tax in South Africa • Residence based system • Resident individuals • Resident companies • Non-resident individuals and companies • Main differences between South African and French Income Tax Business Wednesday Tax & Currency
- 4. • National firm with Head Office in Cape Town and 9 offices throughout South Africa • Offer services in • Audit • Forensics • Advisory • Tax • Local and foreign client base • Affiliation to Geneva Group International Business Wednesday Tax & Currency
- 5. • South African Revenue Services (SARS) – central administration for all taxes • Direct taxes • Income Tax • Tax on Income • Tax on Capital Gains (CGT) • Dividend Tax • Withholding taxes • Estate Duty • Indirect taxes • Value-added Tax (VAT) • Transfer Duty • Customs and Excise Duty Business Wednesday Tax & Currency
- 6. • Residence vs Source based system • Gross Income definition • Residents taxable on worldwide earnings • Non-residents taxable on earnings from a source within South Africa • Tax resident vs Citizen Business Wednesday Tax & Currency
- 7. • Ordinarily resident • Physical presence test • Present more than 91 days in each of current and previous 5 years • More than 915 days in total during the previous 5 years • Subject to Double Taxation Agreement • Present more than 183 days • Annual Tax Return for year ending 28 February • Provisional Tax • Taxed on sliding scales with maximum at 40% Business Wednesday Tax & Currency
- 8. • Incorporated, established or formed in South Africa • OR • Place of effective management • Compliance with OECD Model Tax Treaty • Protected by Double Tax Treaty • Tax returns based on financial year end • Taxable income taxed at 28% • 6 month, 12 month and final return Business Wednesday Tax & Currency
- 9. • Taxed on income from a SOURCE within South Africa • SOURCE refers to where originating cause is conducted • Certain withholding taxes apply • Royalties 15% • Dividends 15% (5% per DTA) • Interest 15% • Sale of property 5 - 10% • Pay as you Earn Sliding scale • Annual tax return • Double tax treaty Business Wednesday Tax & Currency
- 10. • Different year end Feb/Dec • Central administration covering direct, indirect and social security taxes • Taxed on individuals and not on household income • No wealth tax • Capital Gains Tax • Individuals 33.33% • Companies 66.67% Business Wednesday Tax & Currency
- 11. Graeme Saggers CA(SA) Nolands Advisory Services T 021 658 6600 M 082 410 0917 E graemes@nolandsadv.co.za Noland House| River Park | River Lane | Mowbray | Cape Town | 7700 | South Africa Business Wednesday Tax & Currency
Editor's Notes
- Residents subject to certain exemptions on foreign income
- Tax season opens on 01 July
- Organisation for Economic Co-operation and Development
- Individual interest exemptionDTA dividends greater than 10%