by VDT Attorneys | May 29, 2024 | Capital Gains Tax, Deceased Estate, Donation tax, Estate duty, SARS, Situs tax, Tax
Importantly, not all taxes are always applicable to every estate, with the circumstances of a deceased estate determining the applicable taxes. The executor also has has to register an estate with SARS even if the deceased was a pensioner or not registered for tax....
by VDT Attorneys | Apr 22, 2024 | AML, Beneficial Ownership, Reporting, SARS, Tax, Trust
The Amendment Act that came into effect on 1 April 2023 has introduced interesting changes relating to trusts in South Africa by amending amongst other things, the Trust Property Control Act (“Trust Act”), which now makes it a requirement for trusts to draw up a...
by VDT Attorneys | Apr 22, 2024 | Currency gain, Exhange Item, Preference shares, SARS, Taxable gain, Taxable loss
Section 24I of the current Income Tax Act subjects realised and unrealised gains or losses on “exchange items” to normal income tax. As the act currently stands, an “exchange item” is confined to one of the following: a unit of foreign currency a debt in a foreign...
by VDT Attorneys | Apr 22, 2024 | Budget, Budget Speech, Estate Planning, Reporting, SARS, Wealth management
Over the past decade, there has been much speculation surrounding the potential introduction of formal wealth taxes in South Africa. Drawing parallels from international models, such a tax would be a percentage-based tax calculated on the market value of an...
by VDT Attorneys | Apr 22, 2024 | Abatements, Budget, Budget Speech, Estate Planning, Reporting, SARS
In the ever-evolving landscape of offshore structuring, the interplay between exchange control regulations and global tax policies can have significant implications for South African individuals and businesses having offshore structures, as governments worldwide...
by VDT Attorneys | Apr 15, 2024 | Abatements, Budget, Budget Speech, Estate Planning, Reporting, SARS
In the aftermath of the 2024 National Budget speech which took place in February 2024, many taxpayers might have breathed a sigh of relief at the absence of tax hikes or significant tax amendments. The most noteworthy observation from the budget is the absence of...
