SARS issued an Interpretation Note to provide guidance on the interpretation and application of the “funding requirement” contemplated in section 30B(2)(b)(ix) of the Income Tax Act 58 of 1962 (“IT Act”), requiring that substantially the whole of an entity’s funding must be derived from it’s annual or other long-term members or from an appropriation by the government
SARS has published the December 2022 edition of the Interest Rate Table (Table 3), relating to the rates at which interest-free or low interest loans are subject to income tax.
SARS issued a draft interpretation note to provide guidance on the interpretation and application of section 12Q’ which provides for an exemption from normal tax, capital gains tax, dividends tax and withholding tax on interest for an international shipping company meeting the requirements of the section.
The new guide for the South African Traveller Management System was published. The guide includes provision for the submission of an online declaration. The new system allows travellers, including South African citizens and residents, leaving or entering South Africa by air to complete and submit an online traveller declaration and receive electronic confirmation thereof before they travel.
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