The dividends withholding tax, which is currently set at 15%, falls below the global standard set by the Organisation for Economic Co-operation and Development. It has thus been increased to 20% with effect from 22 February 2017. The exemption rates for inbound foreign dividends will accordingly be adjusted in line with this increase with effect from 1 March 2017.
February 16, 2017
The taxation of debts which are forgiven or discharged for less than face value has been subject to complex rules for some time. The revenue authorities have grappled with different methods to be applied, particularly in an environment where a number of companies are failing.
Domestic treasury companies are generally not subject to tax in respect of foreign currency gains and losses. However, the qualifying criteria for domestic treasury management companies are viewed as overly restrictive and will be reviewed.
Regulations to the VAT Act are being updated to broaden the scope of electronic services rendered to South African residents which are subject to VAT. Specifically, electronic services will now include cloud computing and services using online application. The proposed regulatory changes will be published for comment this year.
A new top personal income tax bracket of 45% for taxable incomes above R1.5 million per year has been introduced.
The sugar tax, which was introduced by the budget speech 2016 will be effective as soon as the relevant legislation is approved by Parliament and signed into law by the President.
Historically, disregarded U.S. entities (such as limited liability companies) wholly-owned by foreign persons were generally not required to file any U.S. tax or information returns.
February 15, 2017
When can a state claim immunity from legal proceedings and enforcement of a judgment in courts that are not its own?
2016 was the year when energy storage came of age globally. Cost reductions, particularly in lithium-ion batteries, together with an emerging ambition by governments and regulators to design flexible, resilient future electricity systems, drove storage towards the mainstream.
February 09, 2017
Creating and enforcing laws that ensure effective environmental management in the mineral and petroleum extractive sector (the mining sector) and simultaneously avoiding over-regulation is a difficult but imperative task.
February 06, 2017
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