South Africans working abroad – proposed removal of tax exemption
On 19 July 2017, the South African National Treasury released the 2017 Draft Taxation Laws Amendment Bill (“draft TLAB”) for public comment. One of the proposals contained in the draft TLAB is the deletion of the exemption for foreign employment income contained in section 10(1)(o)(ii) of the Income Tax Act, 1962 with effect from 1 March 2019.
The effect of the removal of the exemption would be that South African residents who earn remuneration from working abroad will be subject to tax on all such remuneration in South Africa in the same way that they are taxed on their remuneration for services rendered in South Africa, but will be entitled to claim a foreign tax rebate against their South African income tax for any foreign taxes paid in any other country in respect of that remuneration.
- Position of Russian Federal Tax Authorities in respect of currency control regulation
- Getting the Deal Through: Aviation Finance & Leasing 2017
- New Tax Procedures Law in the UAE
- Be VAT ready - Tax Procedures Law is already here
WSG Member: Please login to add your comment.