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Stories that are tagged 'South Africa'

South Africa Consults On Retirement Savings Incentives
5/15/2012
Following the Minister of Finance Pravin Gordhan’s announcement in his 2012 Budget in February that the South African government is looking to provide incentives for savings and the reform of the retirement industry, the National Treasury has now published an overview consultation paper.
SA Will Not Impose Australian-Style Mining Tax
5/14/2012
At a press briefing, Mineral Resources Minister Susan Shabangu has confirmed that South Africa will not follow Australia in implementing a ‘mining super tax’.
South Africa Loses CGT Exit Charge Appeal
5/11/2012
The South African Revenue Service has lost its Supreme Court appeal on a case concerning the capital gains tax that it said should be applied on a deemed disposal when a taxpayer becomes non-resident.
South African Government Sets Up Gauteng E-Tolls Committee
5/7/2012
Following the recent decision in the South African High Court against the levying of e-tolls, originally planned for the end of last month, on the Gauteng Freeway Improvement Project, the government has appointed a review committee to look at all aspects of financing the project.
Court Rules Against South Africa In Road Tolls Case
4/30/2012
Shortly after the South African Department of Transport announced that the implementation of the Gauteng Freeway e-tolls had been postponed for a month, it found out that, in fact, levying of the tolls has been halted for a much longer time following a decision in the High Court.
South African Government Joins Road Tolls Case
4/24/2012
South Africa’s National Treasury has applied for leave to intervene in the application currently before the North Gauteng High Court for an interdict against the levying and collection of tolls on the improved Gauteng Freeway system.
South Africa Pushing For Tax Compliance By HNWIs
4/20/2012
In reply to a question in the National Assembly, South Africa’s Finance Minister Pravin Gordhan confirmed that the South African Revenue Service has taken steps to improve income tax compliance among high net worth individuals (HNWIs).
South Africa Consults On Long-Term Insurers' CGT
4/18/2012
With regard to the proposals announced in the South African 2012/13 Budget in February this year, the National Treasury has released for public comment details on how increased capital gains tax rates will be applied to long-term insurers.
Gordhan Reviews South African Tax Season
4/3/2012
South Africa’s Minister of Finance, Pravin Gordhan, has disclosed the preliminary tax collection results of the South African Revenue Service for the 2011/12 fiscal year, and introduced its new five-year Compliance Programme.
South Africa Issues Tax Guide For Shareholders
3/28/2012
The South African Revenue Service has issued a new tax guide for shareholders, in which it attempts to provide general guidance for the increasing number of South Africans who have become owners of shares.
South Africa Pushes Trade Treaty Talks With India
3/21/2012
The completion of the Preferential Trade Agreement between South Africa and India was anticipated at a recent business seminar hosted by South Africa’s Department of Trade and Industry in Chennai, India.
South Africa Tightens Share Anti-Avoidance Provisions
3/19/2012
Within the recently-issued Taxation Laws Amendment Bill, which legislates for the measures introduced in South Africa’s 2012-13 Budget, it has been disclosed that technical corrections have been made to the third-party-backed preference share anti-avoidance provisions.
South Africa Extends Its TIE Network
3/6/2012
The South African Revenue Service has disclosed that a protocol to facilitate the exchange of tax information within the existing double taxation agreement between South Africa and Austria has recently entered into force, as have tax information exchange agreements with Bermuda, the Cayman Islands, Guernsey, Jersey and San Marino.
South Africa's Carbon Tax In Effect From 2013
2/27/2012
Within a white paper issued in October last year, the South African government reviewed its climate change policy, and the Minister of Finance Pravin Gordhan has now, in his 2012 Budget, provided the proposed design for a carbon emissions tax.
South African Budget Unveiled
2/24/2012
Despite the concerns previously expressed over prospective South African public sector debt levels, Minister of Finance Pravin Gordhan’s 2012 Budget confounded expectations by looking for reduced fiscal deficits, rather than increases, in the next three years, despite tax relief measures and significant increases in government spending.
Brazilian Poultry Exporters Challenge South African Anti-Dumping
2/17/2012
The Brazilian Union of Agriculture has begun lobbying for action to be taken at World Trade Organisation level against anti-dumping measures in place in South Africa to restrict Brazilian chicken exports.
BASIC Countries Slam EU Carbon Tax On Airlines
2/17/2012
The 10th BASIC Ministerial Meeting on Climate Change, held recently in New Delhi, has heavily criticized the inclusion of international aviation in the European Union Emissions Trading Scheme.
Trade Barriers Hindering African Growth
2/10/2012
As African leaders pursue negotiations towards a continental free trade area by 2017, a new report released by the World Bank has noted that African nations are losing out on billions of dollars in potential trade earnings every year because of restrictive barriers to regional trade.
South Africa Promises To Consult On Mining Taxes
2/9/2012
Despite rumblings within South Africa’s ruling party, the African National Congress (ANC), Trevor Manuel, the National Planning Minister, confirmed at the African Mining Conference that no sudden new taxes would be levied on the country’s mining sector.
Gibraltar, South Africa Sign TIEA
2/6/2012
Gibraltar's Minister for Financial Services, Gilbert Licudi, has welcomed the signing of the territory's 20th tax information exchange agreement, with South Africa.
Africa Targets Free Trade Area By 2017
2/2/2012
The statement issued at the end of the 18th summit of the African Union has confirmed that African countries will target the establishment of a continental free trade area by 2017.
South Africa-San Marino DTA Enters Into Force
1/31/2012
The tax information exchange agreement between South Africa and San Marino, which was originally signed in Pretoria on March 10 last year, entered into force on January 28, 2012.
South Africa Introduces Waste Tyre Levy
1/20/2012
Under South Africa’s new Integrated Industry Waste Tyre Management Plan, a recycling levy will be charged on the purchase price of new tyres, with effect from February 1, 2012.
Record Export Year For Ireland
12/29/2011
Irish firms experienced record levels of exports in 2011 and are now using a renewed confidence to aggressively target opportunities in international markets, according to the latest figures from Enterprise Ireland.
South Africa Looks For Adviser On Islamic Bond Issues
12/9/2011
Within the government’s programme to encourage foreign direct investment in South Africa, the National Treasury is inviting banking institutions to submit proposals for the provision of advisory services for the structuring and issuance of a South African government Islamic bond in the domestic and international markets.
Hong Kong Plugs Its Services For Emerging Economies
11/30/2011
Financial Secretary, John C Tsang, speaking at the recently-held 2nd Annual Emerging Markets Conference, said that Hong Kong, so as to achieve a more diversified business portfolio, will continue to strengthen trade and investment co-operation with emerging economies.
Corporate Responsibility Reporting Hits Record High
11/25/2011
The UK now tops the global rankings for corporate responsibility reporting, with Japan coming a close second, according to a new report from KPMG.
South Africa Clarifies Takeover Debt Taxation
11/21/2011
South Africa’s Minister of Finance, Pravin Gordhan, in his introductory remarks to parliament on the Taxation Laws Amendment Bills, 2011, clarified the final disclosure requirements under the anti-avoidance rules within the country’s tax code that were originally introduced to facilitate intra-group transactions.
UAE, South Africa Discuss Investment
11/21/2011
Dubai and South Africa have considerably increased their volume of bilateral investment in recent years, with the financial services sector being the largest recipient.
SA, Turkey To Improve Trade Relations Without FTA
11/17/2011
The South African government has announced that it has chosen to pursue its increased trade with Turkey without negotiating a bilateral free trade agreement.
South African Tax Returns Up, As Deadline Approaches
11/15/2011
With only a short time left before the deadline of November 25, 2011, the number of tax returns submitted to the South African Revenue Service has exceeded three million.
Problems Foreseen For African Tripartite FTA
11/8/2011
The South African Minister of Trade and Industry, Rob Davies, has expressed the opinion that the planned roll out of the proposed African tripartite free trade agreement may 'hit a snag' when negotiating on trade in manufactured goods between the member countries.
South Africa Explains Investment Promotion Reforms
11/1/2011
Further information has now been given on the several investment and prudential reforms announced by the Minister of Finance, Pravin Gordhan, during his Medium Term Budget Policy Statement on October 25, 2011, which are aimed at promoting investment into South Africa by encouraging the development of its capital markets.
G-20 Nations Failing To Honour Protectionism Pledges
10/27/2011
Disappointingly weak growth in some G-20 members is testing the political resolve of many governments to resist trade protectionism, says a new report from the World Trade Organization, the United Nations and the Organisation for Economic Cooperation and Development, which examines trade and investment measures implemented in the third quarter of 2011.
South Africa Cautions Online Gambling Remains Illegal
10/26/2011
While a decision is awaited on the recommendations of the Gambling Review Commission, the Minister of Trade and Industry Rob Davies has warned that online gambling remains illegal in South Africa.
SARS Obtains Record Tax Revenues
10/21/2011
While presenting the South African Revenue Service 2010/11 Annual Report to a parliamentary committee, its Commissioner Oupa Magashula announced a record tax haul during the year, which also exceeded its target.
South Africa Explores Carbon Tax Policies
10/20/2011
Within a white paper delineating South Africa’s climate change policy, the government has called for a range of economic instruments, including market-based instruments such as carbon taxes and emissions trading schemes, together with tax incentives.
IMF Opens Fourth African Technical Assistance Centre
10/18/2011
The International Monetary Fund has officially opened its fourth Africa regional technical assistance centre in Mauritius, offering capacity building services to 13 countries across Southern Africa and the Indian Ocean.
Reassurances On Funding For South African Health Scheme
9/27/2011
The Deputy Director of General Public Finance in the National Treasury, Andrew Donaldson, has said that a tax to fund the South African government's national health insurance scheme will not be introduced in the short term.
Guernsey Leading Field In Tax Cooperation With Africa
9/27/2011
The States of Guernsey is set to conclude a further six bilateral Tax Information Exchange Agreements that have been negotiated with members of the Southern African Development Community, in line with the Organization for Economic Co-operation and Development’s priority of working closely on tax issues with developing countries.
South Africa Provides Ruling On Taxes Within DTAs
9/20/2011
The Legal and Policy Division of the South African Revenue Service has issued a Binding General Ruling that identifies the taxes which constitute taxes on income, or substantially similar taxes, for the purposes of South Africa’s double tax agreements.
South Africa Consults On Tax Allowances For Energy Efficiency
9/19/2011
On September 16, South Africa’s Department of Energy released, for public comment in the subsequent 60 days, regulations that would provide a tax allowance for energy efficiency savings.
South Africa Looks At Headquarters Company Regime
9/14/2011
While, last year, the National Treasury proposed a new initiative, intended to make South Africa a more attractive base for investment into other African countries by both domestic and foreign investors, taxpayers have raised concerns over the approach of the South African Revenue Service to its headquarters company tax regime.
South Africa Urged To Improve IDZ Regime
9/12/2011
A paper from the South African Institute of International Affairs has suggested the government needs to consider the provision of further incentives to investors in the country’s industrial development zones to attract the necessary foreign investment.
Switzerland Tops WEF Competitiveness Index
9/9/2011
Switzerland tops the overall rankings in the Global Competitiveness Report for 2011-2012, released on September 7 by the World Economic Forum.
Bermuda, South Africa Sign TIEA
9/7/2011
A tax information exchange agreement between their two countries was signed on September 6 by Bermuda’s Premier, Paula Cox (pictured), after it had been signed in South Africa by the Minister of Finance, Pravin Gordhan, and then couriered to Bermuda for signature.
South Africa Plugs Tripartite FTA
8/26/2011
In the opinion of South Africa’s Deputy Minister of Trade and Industry, Elizabeth Thabethe, the recent agreement to launch talks to establish a tripartite free trade agreement between several African nations has made it more urgent to promote intra-African trade.
Zuma Points To SARS Success
8/24/2011
South Africa’s President Jacob Zuma has stressed that the South African Revenue Service must be protected from interference, and must continue its impartial actions to ensure full compliance with the tax code by all South Africans.
South Africa Clarifies Intra-Group Anti-Avoidance Rules
8/16/2011
The South African Revenue Service has issued a draft guide on the new disclosure requirements proposed under anti-avoidance amendments to rules within the country’s tax code that were originally introduced to facilitate intra-group transactions.
South Africa Consults On Financial Regulatory Reform
8/11/2011
South Africa’s National Treasury has, for public consultation, issued the draft Financial Markets Bill 2011, which gives effect to a review of, and replaces, the existing Securities Services Act, in regulating the country’s securities market.
South Africa Rethinks Intra-Group Anti-Avoidance Rules
8/8/2011
The South African Revenue Service and the National Treasury have proposed a new short-term solution for businesses that have problems with the proposed anti-avoidance measures that are to be inserted into the 2011 Taxation Laws Amendment Bill and are intended to ensure the free movement of tax-neutral assets between members of a corporate group.
South Africa's Loan To Swaziland Has Fiscal Strings
8/5/2011
South Africa has agreed to provide a conditional guarantee for a loan of ZAR2.4bn from the South African Reserve Bank to the Central Bank of Swaziland, one of the conditions of which is that Swaziland should implement the fiscal reforms required by the International Monetary Fund.
South African Taxpayers Set Record
8/4/2011
Individual taxpayers have exceeded all expectations and set a new record by submitting almost 873,000 income tax returns to the South African Revenue Service in the first month of the 2011 tax season, an increase of 44% in taxpayer compliance over the previous year.
Tax Proposal Lowers South African Fund Inflows
8/2/2011
The anticipated change in the tax treatment of dividend income funds, included in the 2011 Draft Taxation Laws Amendment Bills issued early last month, contributed to reduced inflows for the South African unit trust industry in the second quarter of this year.
South Africa Consults On Microinsurance
7/29/2011
The government has published a policy document summarising a regulatory framework for microinsurance in South Africa, either by amending the existing long- and short-term insurance legislation, or through a stand-alone Microinsurance Act, together with the introduction of relevant tax provisions.
Jersey Signs TIEA With South Africa
7/22/2011
Jersey's Assistant Chief Minister and UK and International Relations Minister, Freddie Cohen has announced the signing of a tax information exchange agreement with South Africa.
SARS Issues Micro-Business Tax Guide
7/11/2011
The South African Revenue Service has issued a tax guide containing information about the operation of the simplified tax system for micro-businesses.
African Countries Discuss Transfer Pricing
7/7/2011
Within the Africa Tax Administration Forum, the tax authorities of several African countries are considering how to collaborate in exchanging information on the transfer pricing practices of multinational companies operating in their countries.
South Africa's 2011 Tax Season Begins
7/5/2011
July 1 marked the beginning of the South African 2011 individual income tax season, when more than 4m taxpayers are expected to start submitting their annual income tax returns for the tax year from March 1, 2010 to February 28, 2011 to the South African Revenue Service.
South Africa Consults On Intra-Group Tax Rules
7/5/2011
The South African Revenue Service and the National Treasury have announced an accelerated consultation process on proposed anti-avoidance measures to be inserted into the 2011 Taxation Laws Amendment Bill, intended to ensure the free movement of tax-neutral assets between members of a corporate group.
South Africa Consults On New Medical Tax Credits
6/21/2011
South Africa’s Ministry of Finance has published a discussion document regarding the 2011 Budget tax announcement to reform the current medical deduction allowances by replacing them with medical tax credits.
Portugal Begins New DTA Negotiations
6/21/2011
The Portuguese government is seeking to expand its tax treaty network, beginning negotiations with three new countries over the last month: Peru, Gabon and Senegal.
African Leaders Launch Tripartite FTA Talks
6/16/2011
A leaders’ summit of the Common Market for Eastern and Southern Africa, the East African Community and the Southern African Development Community, held in Johannesburg on June 11 and 12, has agreed to formally launch negotiations to establish a tripartite free trade agreement.
South Africa Improves Tax Administration
6/9/2011
In his budget vote speech to parliament, Finance Minister Pravin Gordhan was able to point to improved tax revenue collection and compliance during the last fiscal year, and looked forward to further success in 2011/12.
South Africa To Discuss Tripartite FTA
6/9/2011
A summit of the Common Market for Eastern and Southern Africa, the East African Community and the Southern African Development Community will be held in Pretoria on June 11 and 12 to discuss the progress made towards a tripartite free trade agreement (FTA).
US, South Africa Relaunch Bilateral TIFA
6/8/2011
The Deputy United States Trade Representative, Demetrios Marantis, has co-chaired a recent meeting with the South African Trade and Industry Minister, Rob Davies, of the US-South Africa Trade and Investment Council, at which there was a re-launched discussion of a full range of trade issues.
South Africa Consults On 2011 Budget Bills
6/6/2011
South Africa’s National Treasury has released for public comment a draft of the 2011 Taxation Laws Amendment Bills that give effect to most of the 2011 Budget tax proposals, as well as to additional urgent measures.
Kleinwort Bensons Expands Offshore Reach
6/7/2011
Kleinwort Benson has announced the completion of its acquisition of Close Offshore Group, first publicized in March 2011.
SARS Issues Three-Year Strategic Plan
6/3/2011
Oupa Magashula, Commissioner of the South African Revenue Service, has presented its Strategic Plan for the fiscal years from 2011-12 to 2013-14, expressing his confidence that the Plan provides the blueprint for the continuous compliance growth and sustained revenue realisation, which will be necessary to support economic development in the country.
Trade Restrictions On The Rise
5/26/2011
Global trade and investment appear to be facing opposing forces both pushing and pulling against the prospects for economic recovery, as governments attempt to attract foreign investment on the one hand while shielding their economies from foreign competition by raising trade barriers on the other, according to a new report.
US Returns To Top Of World Competitiveness Rankings
5/20/2011
The Swiss business school, IMD, has announced the rankings from its 2011 World Competitiveness Yearbook, which places the United States and Hong Kong as the most competitive countries.
Tripartite African Trade Talks Show Progress
5/18/2011
Ministers from countries within the Common Market for Eastern and Southern Africa, the East African Community and the Southern African Development Community met recently in Lusaka to discuss the progress made towards the proposed tripartite free trade agreement.
Anti-Corruption Activities Falling Short, Says OECD
4/27/2011
The Organisation for Economic Cooperation and Development has released figures showing that, while there are 38 signatories to its Anti-Bribery Convention, only a remarkably small minority are actively engaging in the sanctioning of individuals and companies.
South African Companies Act Signed
4/22/2011
South Africa’s President Jacob Zuma has signed the Companies Amendment Act of 2010 into law and, together with the Companies Regulations and all other relevant documents, it will come into effect on May 1, 2011.
South Africa Warns Of Doha Split
4/21/2011
South Africa's Minister of Trade and Industry has warned of the potentially fatal obstacles faced by the Doha Round, caused by allegedly unfair and unreasonable demands from developed countries.
South Africa Sees Increased Annual Tax Revenues
4/4/2011
The preliminary outcome of tax collection by the South African Revenue Service for the 2010/11 fiscal year shows a modest recovery in revenue, indicating that the country’s economy is also regaining its growth momentum.
South Africa Looking To Finalize Carbon Tax
3/17/2011
South Africa’s government is looking to have a revised paper on its proposed carbon tax ready before the 2012 budget is tabled next February, while the tax could be in force as early as July 2012.
Tripartite African Trade Talks To Start By Mid-2011
3/11/2011
South Africa’s Minister of Trade and Industry, Rob Davies, has said that negotiations for the development of a free trade agreement between the Southern African Development Community, the East African Community and the Common Market for East African States will commence towards the middle of 2011.
Final Link In African Search-And-Rescue Chain Closed
3/4/2011
Complete search and rescue cover around Africa’s coast was secured on March 3 with the signing of an ad-hoc multilateral cooperative agreement on the North and West African sub-regional Maritime Rescue Coordination Centre, which establishes a new base in Morocco, the International Maritime Organization announced.
Concerns Expressed Over South African Gambling Tax
3/3/2011
Some participants in the gambling sector have expressed concern over the South African government’s proposal, in its 2011 budget, to levy a 15% withholding tax on all winnings above ZAR25,000, with effect from April 1, 2012.
Momentum Grows Towards African Trade Bloc
2/28/2011
South Africa’s Trade and Industry Minister, Rob Davies, has said that his country is making an effort to join together the Southern African Development Community, the Common Market for East African States and the East African Community.
Guernsey Enhances Tax Cooperation With South Africa
2/25/2011
The South African government has concluded its first tax information exchange agreement, with Guernsey on February 21, 2011.
South African Budget Emphasizes Growth
2/25/2011
South Africa’s 2011 budget, presented on February 23 by the Minister of Finance Pravin Gordhan, declares that the measure of South Africa’s economic progress, and the effectiveness of the government’s spending and tax policies, will be primarily seen through its target of creating 5m new jobs in the next ten years.
SARS Introduces New Tax Guides For Small Businesses
2/18/2011
The South African Revenue Service has issued a new Tax Guide for Small Businesses 2010/11, which contains information about the tax laws and other statutory obligations that apply to small businesses.
SARS Clarifies 'Pay Now, Argue Later' Principle
2/16/2011
The South African Revenue Service has clarified the long-standing ‘pay now, argue later’ principle, under which taxpayers are required to pay taxes that are the subject of a dispute, with effect from February 1, 2011.
South Africa's Provisional Tax Squeezing Taxpayers
2/16/2011
The South African Institute of Chartered Accountants has said that, as it believes South Africa’s provisional tax system means that some taxpayers end up by paying more tax than necessary, amendments to the relevant legislation should be made by Finance Minister Pravin Gordhan when he announces the 2011 Budget on February 23.
South Africa To Give Tax Breaks To Create Jobs
2/14/2011
In his State of the Nation Address, South African President Jacob Zuma established the reduction of unemployment and creation of jobs as one of the government’s highest priorities, and promised a jobs fund and tax breaks.
More South African Tax And Taxpayers
1/25/2011
According to the latest survey published by the South African Institute of Race Relations, the total number of registered individual taxpayers in South Africa grew from 3.4m in 2002/03 to 5.9m in 2009/10, an increase of 73%.
South Africa Revises Foreign Investment Limits
12/16/2010
In accordance with the previous statements by South Africa’s Minister of Finance, Pravin Gordhan, that details of proposed changes to financial and foreign exchange regulatory arrangements would be published before the end of this year, changes to the prudential foreign asset limits for institutional investors have now been issued.
South Africa Details Carbon Tax Options
12/14/2010
As foreseen in South Africa’s Budget Review Statement earlier this year, the National Treasury has now published a carbon tax discussion paper for public comment.
SA Mulls Carbon Taxes
12/10/2010
The South African government has approved draft proposals on taxing carbon emissions, which will be published for public comment in January.
South Africa Publishes Draft Pension Regulations
12/6/2010
South Africa’s National Treasury has published the second draft of proposed amendments to Regulation 28 of the Pensions Fund Act for further and final public comment, as was indicated in the Medium-Term Budget Policy Statement in October this year.
South Africa, Kenya Sign DTA
11/30/2010
South Africa’s Deputy President, Kgalema Motlanthe (pictured), and Kenya’s Vice President, Kalonzo Musyoka, have overseen the signing of a bilateral double taxation agreement between their two countries, on the occasion of the former’s visit to Kenya.
UK, South Africa Amend Double Tax Treaty
11/17/2010
The UK tax authority, HM Revenue and Customs has announced the signing of a protocol to the convention for the avoidance of double taxation with South Africa.
South Africa Introduces New Manufacturing Tax Incentives
11/11/2010
The South African government has launched a ZAR20bn tax incentive programme to improve the productivity of the country’s manufacturing sector, by supporting investments in new assets and the training provided to employees.
South Africa Begins Tax, Exchange Control Amnesties
11/9/2010
As was first announced during the 2010 budget speech this year, the South African Revenue Service has confirmed that individuals and businesses who have defaulted on their tax obligations, and those who have contravened exchange control regulations, now have the opportunity to regularise their affairs by way of a Voluntary Disclosure Programme.
Argentina Catches Up On Tax Agreements
11/3/2010
The head of Argentina's Federal Administration of Public Revenue, Ricardo Echegaray has announced the signing of tax information exchange agreements with Russia, Italy and France as part of its strategy to crack down on tax evasion.
EU Sees Increase In Restrictive Trade Barriers
10/27/2010
A new report published by the European Commission shows that more than 330 trade restrictive measures have been taken by the major trade partners of the European Union since the outbreak of the financial and economic crisis in 2008.
IMF Endorses South Africa's Fiscal Plans
9/22/2010
In its Article IV consultation with South Africa, the International Monetary Fund said the country's medium-term fiscal consolidation plan "struck the right balance between supporting the ongoing recovery and rebuilding fiscal space".
Talks To Be Held On Tripartite African Regional FTA
9/15/2010
It has been announced that a meeting will be held in January next year to discuss the formation of the long-heralded tripartite free trade agreement between the South African Development Community, the Common Market for Eastern and Southern Africa and the East African Community.

 

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