Monday, April 25, 2016
The South African Revenue Service (SARS) has published its guide on the most significant taxes the agency administers in the country, including individual and corporate income taxes, value-added tax, customs and excise duties, and transfer and estate duties.
In respect of income tax, the information in the guide, entitled Taxation in South Africa 2015/16, relates to natural persons, deceased estates, insolvent estates, or trusts for the 2016 year of assessment (YA) commencing on March 1, 2015, or ended on February 29, 2016; and companies for the YA2016 with financial years ending during the 12-month period to March 31, 2016.
It is emphasized that the information in the guide, regarding the rates of the various taxes, duties, levies, and contributions, reflects the rates applicable as at the date of its publication. In addition, all guides, interpretation notes, forms, returns, and tables referred to are available on the SARS website.
The guide has been updated to include the Taxation Laws Amendment Act 25 of 2015 promulgated on January 8, 2016, and the Rates and Monetary Amounts and Amendment of Revenue Laws Act 13 of 2015, promulgated on November 17, 2015, as well as the Budget Review of 2016.