Articles

Recent Amendments to South African Exchange Control Limits and Policy

As a result of the further steps in the liberalisation of South African Exchange Controls announced by the Minister of Finance in the 2010 Medium Term Budget Policy Statement, the Financial Surveillance Department implemented the following amendments to exchange control limits and policy: ...

Voluntary Disclosure Programme

In the Budget Speech of 17 February 2010, the Minister of Finance announced a Voluntary Disclosure Programme, that will exist for a period of 12 months as from 1 November 2010 and which is aimed at encouraging tax payers to come forward to disclose possible tax defaults and to regularise their tax affairs....

Thin capitalisation

In the Taxation Laws Amendment Bill 2010, tabled before Parliament, section 31 of the principal Act will be wholly replaced. ...

Employee share schemes

The provisions of section 8C, that stipulates which equity instruments acquired by an employee will be subject to income tax, have been expanded to cover any "restricted equity instrument" acquired by that employee or director from the company or an associated institution, or any person employed by or that is a director of that company. ...

Resolving residency implications

An individual is considered to be a tax resident in South Africa either if he is “ordinarily resident” in South Africa or if he passes the physical presence test. ...

South Africa Budget 2010/2011 – amnesty announced

As part of the tax proposals for the 2010/2011 fiscal year that are introduced by the Minister of Finance's in his Budget Speech, a “voluntary disclosure programme” was announced, which will operate from 1 November 2010 to 31 October 2011....