SARS Issues Its First Capital Gains Tax Guide
by Lorys Charalambous, Tax-News.com, Cyprus
14 December 2015
The South African Revenue Service (SARS) has issued its first comprehensive guide on capital gains tax (CGT) in South Africa.
Totalling almost 800 pages, reflecting the complexity of the tax, the new guide has been prepared "to assist the public and SARS's personnel in gaining a more in-depth understanding of CGT," SARS said.
The guide contains general advice only. "In cases of doubt, users of the guide should consider obtaining a non-binding opinion or an advance tax ruling from SARS," it added.
After much consultation, a CGT was finally introduced into South African law by the Taxation Laws Amendment Act 5 of 2001, which was promulgated on June 20, 2001. It was implemented on October 1, 2001.
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