Transitional rules for interest payable by SARS
The South African income tax system is not cash-based. This means that a person can effectively be taxed on amounts that they have not yet received in cash, but that merely accrued to them within a year of assessment. Cash is also not a requirement to trigger tax – any “amount” that a person receives […]
Tax residence for individuals
According to the South African Revenue Service (SARS), South Africa has a residence-based tax system, which means residents are, subject to certain exclusions, taxed on their worldwide income, irrespective of where their income was earned. By contrast, non-residents are taxed on their income from a South African source. In an increasingly global society where individuals […]