CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. SARS Issues Revised Capital Gains Tax Guides

SARS Issues Revised Capital Gains Tax Guides

by Lorys Charalambous, Tax-News.com, Cyprus

13 February 2017


The South African Revenue Service (SARS) has issued revised capital gains tax (CGT) guides that provide a basic introduction to the tax for companies and individuals for the 2017 year of assessment (YA), which covers the period from March 1, 2016, to February 28, 2017.

CGT was introduced in South Africa with effect from October 1, 2001, and applies to the disposal of an asset on or after that date. The CGT provisions in the Income Tax Act stipulate that all capital gains made on the disposal of assets are subject to CGT and must be included in taxable income.

The taxable capital gain of a company is determined by multiplying its net capital gain by the inclusion rate. For YAs commencing on or after March 1, 2016, the inclusion rate of a company is 80 percent. For YAs commencing on or after March 1, 2012, it was 66.6 percent, and before that 50 percent.

On the other hand, an individual's taxable capital gain for the 2017YA is 40 percent of the net capital gain (2013 to 2016: 33.3 percent; 2012 and earlier YAs: 25 percent).

TAGS: individuals | capital gains tax (CGT) | South Africa | compliance | tax | business | tax compliance | revenue guidance | tax authority | Africa | Tax

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 

Log into Tax-News+
Not registered yet? Find out about our daily news alert service »

 Email: 
 Password: 

Login »

Forgotten your password?







Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »