Join our community on: http://cap40.co.za/ Find more information about the event here: http://cap40.co.za/events/workshop-q-a-creating-a-business-in-south-africa?xg_source=activity Find all our event in video here: https://www.youtube.com/user/LeCap40 Conference & Workshop on Tax & Currency in South Africa with Cap40 at the Alliance Française of Cape Town Interview of Graeme Saggers Chartered Accountant at Noland and Graham Barratt CFX Sales Manager at Currencies Direct.

1. Event organized
by
Join the community on
cap40.co.za

2. Presented by:
Graeme Saggers CA(SA)
Nolands Advisory Services
Business Wednesday Tax & Currency

3. • Who are we?
• Types of tax in South Africa
• Residence based system
• Resident individuals
• Resident companies
• Non-resident individuals and companies
• Main differences between South African and French
Income Tax
Business Wednesday Tax & Currency

4. • National firm with Head Office in Cape Town and 9 offices
throughout South Africa
• Offer services in
• Audit
• Forensics
• Advisory
• Tax
• Local and foreign client base
• Affiliation to Geneva Group International
Business Wednesday Tax & Currency

5. • South African Revenue Services (SARS) – central
administration for all taxes
• Direct taxes
• Income Tax
• Tax on Income
• Tax on Capital Gains (CGT)
• Dividend Tax
• Withholding taxes
• Estate Duty
• Indirect taxes
• Value-added Tax (VAT)
• Transfer Duty
• Customs and Excise Duty
Business Wednesday Tax & Currency

6. • Residence vs Source based system
• Gross Income definition
• Residents taxable on worldwide earnings
• Non-residents taxable on earnings from a source within South
Africa
• Tax resident vs Citizen
Business Wednesday Tax & Currency

7. • Ordinarily resident
• Physical presence test
• Present more than 91 days in each of current and previous 5
years
• More than 915 days in total during the previous 5 years
• Subject to Double Taxation Agreement
• Present more than 183 days
• Annual Tax Return for year ending 28 February
• Provisional Tax
• Taxed on sliding scales with maximum at 40%
Business Wednesday Tax & Currency

8. • Incorporated, established or formed in South Africa
• OR
• Place of effective management
• Compliance with OECD Model Tax Treaty
• Protected by Double Tax Treaty
• Tax returns based on financial year end
• Taxable income taxed at 28%
• 6 month, 12 month and final return
Business Wednesday Tax & Currency

9. • Taxed on income from a SOURCE within South Africa
• SOURCE refers to where originating cause is conducted
• Certain withholding taxes apply
• Royalties 15%
• Dividends 15% (5% per DTA)
• Interest 15%
• Sale of property 5 - 10%
• Pay as you Earn Sliding scale
• Annual tax return
• Double tax treaty
Business Wednesday Tax & Currency

10. • Different year end Feb/Dec
• Central administration covering direct, indirect and social
security taxes
• Taxed on individuals and not on household income
• No wealth tax
• Capital Gains Tax
• Individuals 33.33%
• Companies 66.67%
Business Wednesday Tax & Currency

11. Graeme Saggers CA(SA)
Nolands Advisory Services
T 021 658 6600
M 082 410 0917
E graemes@nolandsadv.co.za
Noland House| River Park | River Lane | Mowbray |
Cape Town | 7700 | South Africa
Business Wednesday Tax & Currency