South Africa: Updated taxation guide for 2022 Legislation
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The South African Revenue Service (SARS) released an updated and comprehensive guide to taxation in South Africa, incorporating changes brought about by 2022 legislation. This guide encompasses various tax categories, including income tax, value-added tax (VAT), transfer duty, estate duty, carbon tax, and securities transfer tax. Some of the key updates featured in the guide pertain to income tax details applicable to the 2023 assessment year. The guide offers insights into a range of topics:
Calculation of Taxable Income: This section delves into the intricacies of computing taxable income, encompassing both taxable and exempt pensions.
Electronic Payment and Filing: Information on electronic payment and filing procedures is presented.
Taxation of Foreign Entities: The guide outlines details concerning unilateral tax relief for foreign taxes, as well as the tax treatment of foreign entertainers and athletes.
Anti-Avoidance Rules: An explanation of general anti-avoidance regulations, which cover aspects like transfer pricing, thin capitalization, and controlled foreign companies (CFCs), is included.
Automatic Exchange of Financial Information: The guide offers insights into the automatic exchange of information (AEOI) regarding financial accounts.
Dispute Resolution and Tax Programs: Finally, the guide provides information on alternate dispute resolution mechanisms, advance tax rulings, and voluntary disclosure programs (VDPs).